Developers are predicting that the new $627.5 million arena to house the Detroit Red Wings, paid for with both private and public money, will spur another $596 million of investment in the neighborhood.
"The new Detroit Red Wings hockey arena under construction has attracted a surge of outside investment interest, with developers vying to build a new hotel, housing and stores that could fulfill the promise of an expanded district of sports and entertainment rising on the northern edge of downtown," according to an article John Gallagher and JC Reindl.
That information follows a meeting between the Detroit Free Press and Olympia Development, the development company owned by the Ilitch family, which also owns the Detroit Red Wings and the Detroit Tigers.
Gallagher and Reindl share more of the details of the expected developments that has followed the construction of the new hockey arena:
"The whole investment could eclipse $1 billion in public and private dollars. When the arena opens for the Detroit Red Wings season in late 2017, some 210,000 square feet of office and retail space will arrive at the same time, and the first 225 units of residential housing in adjacent projects will come on line a few months after, the Ilitches predict."
FULL STORY: Ilitches: Investment in arena area hitting $1.2 billion
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