DETROIT, MI – More details on the $650 million Detroit Red Wings arena and entertainment district will be revealed Thursday morning as developers leading the project seek a zoning change with Detroit City Council.
With the zoning change, Olympia Development of Michigan, the development arm of the Ilitch family, is expected to show a rendering for one of the residential developments of the district. That development will be a renovation of the 13-story, former Eddystone Hotel, according to the Detroit News. The News is also reporting that about 20 percent of all residential units in the project will be reserved for affordable housing.
Olympia plans to build a 785,000 square-foot hockey arena along Woodward Avenue just north of downtown Detroit, and to have it ready for the Red Wings’ 2017 NHL season. It will be accompanied by a 45-block entertainment district, roughly bordered by Charlotte Street to the north, Grand River to the west, Grand Circus Park to the south and Woodward Avenue to east.
The entertainment district will include four- and five-story mixed-use development properties, built at the same time as the 20,000 seat arena.
Little had occurred at the site of the arena since a ceremonial groundbreaking with state and local officials last September, but last week construction equipment was moved to the site as Olympia readies to seek the zoning change from Council.
The $650 million development is to be funded with a mix of $365.5 million in private investment and an estimated public investment of $284.5 million. The $450 million sports and entertainment center and accompanying $200 million residential, retail and office district is getting public money primarily through tax increment financing.
According to Olympia, the project will have an economic impact of at least $1.8 billion, while creating 8,300 construction and related jobs, in addition to 1,100 permanent jobs. A job fair is also taking place Thursday at the Charles H. Wright Museum of African American History in Detroit.