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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.
