Thursday, October 16, 2014

Joe Louis Arena to be demolished as part of Detroit bankruptcy settlement

Posted By on Thu, Oct 16, 2014 at 2:23 PM

  • Wikimedia Commons

With the help of the state of Michigan, Joe Louis Arena will be demolished after the Detroit Red Wings move to a new $450 million arena — and the vacant land will be turned over to Detroit's last major creditor in bankruptcy court.

The deal with Financial Guaranty Insurance Corp., a bond insurer that held a $1 billion claim with the city, would see the Red Wings and the arena's adjacent parking garage demolished, "giving Financial Guaranty nearly nine acres for a hotel, condominiums, office space or retail development," Crain's reports.

The state of Michigan agreed to provided up to $6 million in funding for demolition, which would have to begin six months after the Red Wings depart for the team's new home. That comes as part of a deal Detroit City Council agreed to earlier this year

The Red Wings have called Joe Louis Arena its home since the late 1970s, after Detroit built the arena as a ploy to keep the team from moving to Pontiac. 

Tags: , , ,

We welcome readers to submit letters regarding articles and content in Detroit Metro Times. Letters should be a minimum of 150 words, refer to content that has appeared on Detroit Metro Times, and must include the writer's full name, address, and phone number for verification purposes. No attachments will be considered. Writers of letters selected for publication will be notified via email. Letters may be edited and shortened for space.

Email us at

Detroit Metro Times works for you, and your support is essential.

Our small but mighty local team works tirelessly to bring you high-quality, uncensored news and cultural coverage of Detroit and beyond.

Unlike many newspapers, ours is free – and we'd like to keep it that way, because we believe, now more than ever, everyone deserves access to accurate, independent coverage of their community.

Whether it's a one-time acknowledgement of this article or an ongoing pledge, your support helps keep Detroit's true free press free.

Read the Digital Print Issue

March 3, 2021

View more issues


Never miss a beat

Sign Up Now

Subscribe now to get the latest news delivered right to your inbox.

Best Things to Do In Detroit

© 2021 Detroit Metro Times - Contact Us

Website powered by Foundation