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Hide yo quarterbackz, hide yo kidz, the MSU defense is here
DETROIT, MI - The president and CEO of the Detroit Economic Growth Corporation sounds determined to see plans for a $650 million new Detroit Red Wings arena and entertainment complex come to fruition. The legislation Jackson, interviewed Wednesday by Mlive Detroit, referred to came last month in the form of bill Gov. Rick Snyder signed that allows existing dollars collected by Detroit's Downtown Development Authority to help fund the project.
I wonder if the light rail grant could factor in to this?
Apparently some announement going on. Bad audio here, though.
This post was edited by Floyd Robertson 10 months ago
Join Date: 06-12-2001 RCMB vBull #32 # Total Posts: 35,866
I'm surprised that it is going to be smaller. I think JLA is sized just right. Losing over 1,000 seats is a lot of revenue. Then again, they will just raise ticket prices.
There's a time and a place for everything and it's called college.
Calling it a 'starting point,' plans for a $650 million Red Wings hockey arena and entertainment district are being unveiled Wednesday before the city's development arm.
12177 Post before moving here. 10/29/11 will live forever in our hearts (plus 50 votes in the last 3 hours)
This is going to be awesome!
too much public $$ in my mind. at least they picked the correct location.
get the new Nike MSU font: http://tinyurl.com/spartansfont
This post was edited by theSpartan 10 months ago
I hope the design is modern...I think Detroit needs to start moving towards building that shiny city on the hill and they can do that piece by piece.
You put the Pistons in that arena too along with apartments and offices down there and you are bringing a lot more life to downtown.
Michigan State University is the university of Michigan
another piece of the puzzle
My only critique is that the main entrance should be off of Woodward. From an aesthetic perspective, the marquee needs to be on the main street, not the side street.
It depends on what the money is used for. Major developments like this often need significsnt improvements to public infrastructure to support it. On the site itself it could include rerouting and upgrading utility lines, etc.
Also keep in mind thst the $650M is for the entire 45 block area. I'm sure the public money will go towards addressing a LOT of road and sidewalk improvements in thst area as well.
Oh, I'm not disputing that public money should be used, I just think the percentage is too high. At 56/44, the public funding could pay for the entire non-arena development, plus all infrastructure related to the arena itself. It should be closer to about 65/35 (which is about the same ratio of arena $$ to total $$).
Possibly, but you also have to factor in the "Detroit Premium". As in, investing in Detroit is still a risk and for a company to commit to over a quarter of a billion dollars one one project is a sizeable undertaking. Offering additional incentives is what a place like Detroit may need to get those kind of private sector commitments
This is especially true when you think of the Non-stsdium risks involved. The arena itself is a no brainer. It is going to rake in money for Olympia. However, the retail and residential elements of the district plan are not so sure.
For example, Downtown and Midtown are bursting at the seams with new residents and there are wait lists for just about every property. However, developers are not rushing to build a ton of new apartments as of yet because the rental rates are not yet at the magic $2/sq foot level that is considered the break even point for building a new residential building.
Currently rents are rising quickly but are still only at the $1.50/sq foot range on average. Close, but not quite there. For Ilitch to commit to residential with the hope that he can turn a profit from it even though the market doesn't bear a profitable return just yet is most certainly a risk. A risk the DDA is covering with additional public support
It would be nice if public money ONLY went to the addressing the public assets in the project, but that just isn't realistic...and if rsther the public pay a bit more and see the project happen than have the whole thing fall apart.
Double post...stupid mobile.
This post has been edited 2 times, most recently by wingfanjim 10 months ago
This post was edited by wingfanjim 10 months ago
The terms are not even close to finalized, but people should not look at this as Detroit is donating 44% of the funding. This is just part of the financing, and if the project is successful all parties will come out well. None of the dollars will come from existing taxpayers or cash on hand (which doesn't exist).
Looks like Greektown Casino is going to be dead. Motorcity Casino and their free parking will now have a nice safe corridor that leads straight to the new arena, Comerica Park, and Ford Field.
Thinking the same thing, minus the obstructed view seats of course.
Just because they colored the northwest quadrant by Motorcity blue doesn't mean that is a nice safe corridor. The area north of I75 between Grand River and Woodward will need a lot of redevelopment before I would call it a nice, safe area....even if the stadium is built.
The foot traffic will be positive for all parts shaded blue
This would be fantastic if it plays out like that.
For the love of Trevor...™
Dan Gilbert isn't going to just roll over on this one. The arena development (IMHO) will hopefully spur DG to build up Greektown into even more of an entertainment destination.
It's a good problem to have!
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