{"id":1004079671,"date":"2013-07-03T11:41:45","date_gmt":"2013-07-03T19:41:45","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=142997"},"modified":"2020-05-10T22:50:01","modified_gmt":"2020-05-11T06:50:01","slug":"preliminary-plans-for-650m-sports-and-entertainment-district-unveiled","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/preliminary-plans-for-650m-sports-and-entertainment-district-unveiled\/","title":{"rendered":"Preliminary Plans for $650M Sports and Entertainment District Unveiled"},"content":{"rendered":"

By Veronica Grecu, Associate Editor<\/em><\/p>\n

Last week the Detroit Downtown Development Authority<\/a> (DDA), Olympia Development of Michigan (ODM) and Wayne County reached a multilateral agreement on a $650 million private and public financing framework that would bring a new sports and entertainment district to downtown Detroit.<\/p>\n

According to an official statement, the new district\u2014which is yet to be named\u2014will generate around 8,300 jobs and an estimated economic impact of $1.8 billion per year after completion date. The district will be developed in phases over the next four to five years and will occupy a 45-block area reaching from Grand Circus Park to Charlotte Street between Woodward Avenue and Grand River Avenue.<\/p>\n

The project\u2019s highlight will be a $450 million multipurpose event center of roughly 650,000 square feet that will include a 18,000-seat state-of-the-art arena to house Detroit Red Wings\u2019 hockey games and other events throughout the year. “We have outlined a deal that will do far more than build new home ice for the Red Wings. When it’s done, it will redefine Detroit\u2019s Downtown,\u201d said George W. Jackson, Jr., president and CEO of Detroit Economic Growth Corporation.<\/p>\n

The agreement also includes a $200 million mixed-use component with new residential, retail and office space that will include:<\/p>\n