Economy
4:20 pm
Wed June 19, 2013

Red Wings and Detroit officials announce new $650 million entertainment district

Officials from the city of Detroit and the NHL's Detroit Red Wings announced a $650 million plan for a new Red Wings arena and sports and entertainment district in Detroit.

More from the Associated Press:

The project was announced Wednesday at a meeting of economic development officials to approve the deal. The 18,000-seat arena would be at Interstate 75 and Woodward Avenue, near the Detroit Tigers' Comerica Park and the Detroit Lions' Ford Field.

Red Wings and Tigers owner Mike Ilitch has long said that he wants a replacement for the 32-year-old Joe Louis Arena.

The Red Wings say there will be $367 million in private investment and $283 million in public funds in the complex. It also will include residential and retail space.

Ilitch's family also owns Little Caesars Pizza and downtown Detroit's Fox Theatre.

The Illitch family-owned Olympia Development group and officials from Detroit's Downtown Development Authority agreed on a memorandum of understanding for the new development this afternoon.

You can read the MOU here.