Detroit Xtra

Ilitch proposes new $650 million downtown “entertainment” district

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Tuesday, Olympia Development a holding of Mike Ilitch proposed a new $650 million dollar entertainment district that would include a “new, state of the art, multi-purpose events center.” (or in other words an arena) according to the Detroit Free Press.

“We have a tremendous opportunity through a large-scale project to make a positive impact on our community,” said Christopher Ilitch, president and CEO of Ilitch Holdings, Inc. “A project of this magnitude requires continued due diligence and a strategic partnership with the public sector. Working together we can ensure this opportunity connects Detroit’s existing set of initiatives and assets strengthening the downtown core and enhancing the image of our city, state and region.”

Eric Larson, a non-executive president of Olympia Development stated that the project would end up creating 1,000 annually as well as an annual economic impact of $210 million dollars.
“The building of an events center district will create over 5,500 jobs for the events center alone and nearly 8,300 jobs for the first phase of the overall events district,” Larson said.
Within the statement, Larson did mention that this new entertainment district and multipurpose entertainment venue would house the Detroit Red Wings but would be capable of much more.
“It’s always been my dream to once again see a vibrant downtown Detroit,” said Mike Ilitch, chairman, Ilitch Holdings, Inc., in a press release. “From the time we bought the Fox Theatre, I could envision a downtown where the streets were bustling and people were energized. It’s been a slow process at times, but we’re getting there now and a lot of great people are coming together to make it happen. It’s going to happen and I want to keep us moving toward that vision.”
Olympia Development didn’t indicate a timeline when this would be completed but did stress the importance of a House bill that would allow the Downtown Development Authority to continue to receive revenue and help this proposal along. It also wasn’t determined where exactly this district would reside but would be in a location that would best serve the public and overall interests of the city.
Nonetheless it still seems like a project that it’s the very early stages but one to definitely keep an eye on.
h/t: Detroit News, Detroit Free Press

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