Officials from the Olympia Development Company presented an outline to Michigan lawmakers on Tuesday afternoon for a multi-purpose events center to be placed in downton Detroit. Olympia Development is a company owned by Detroit Red Wings owner Mike Ilitch.
The presentation was headed by Eric Larson, Olympia's non-executive president. According to the company's valuations, the total cost of the project would be $650 million and would create 5,500 jobs for the construction of the center. In addition, the public-private project is expected to annually create 1,000 jobs and generate $210 million.
Larson did not state that the project would become the new home of the Red Wings, but did mention that it would infuse sports and entertainment. In a press release, Ilitch expressed his dream of revitalizing a vibrant downtown Detroit.
While the presentation did not mention the Red Wings, the organization did retain the services of two architects this past May to help design a new arena for the team.
The Red Wings have spent the last 33 seasons playing in the Joe Louis Arena.