As scores of plots and blocks lay unoccupied in Detroit, some developers are now planning on rejuvenating the sports capital of the Midwest by building a new mixed use entertainment district.
Olympia Development, a real estate firm owned by entrepreneurs Michael and Marian Ilitch, has proposed to build a large sports and entertainment district that will connect "existing and new development" in midtown and downtown Detroit.
"It's always been my dream to see a vibrant and energized downtown Detroit. I want people to look at Detroit's new sports and entertainment district and see what I see: the potential for something very special. I couldn't be more excited and proud to bring this vision to life," said Mike Ilitch, chairman, Ilitch Holdings, Inc., in a statement.
Spanning several blocks in and around Woodward Avenue, the developers have chalked out plans of building five mixed use neighborhoods and will reportedly be accelerating investments by $200 million on the project.
They also plan on constructing a "world-class" sports arena, which will serve as the future home of the Detroit Wings.
Below are the five neighborhoods planned for the district (working names only. List Courtesy: press release):
- Columbia Street - A neighborhood near the Fox Theatre and the Fillmore Detroit that offers entertainment and dining at its finest.
- Wildcat Corner - this neighborhood, anchored by Comerica Park and Ford Field, offers energetic, athletic experiences at their best.
- Working name to be determined - The bustling home of the new Detroit arena.
- Cass Park Village - An energized, eclectic and primarily residential neighborhood.
- Columbia Park - A fresh, modern neighborhood anchored by a new public green space.
The developers also said that they were pouring millions more of private investment into public infrastructure like sidewalks, streetlights, parks, and streets and other green areas. While construction on the district is expected to begin later this year, the sports arena will be completed by 2017.
The project will apparently generate about $1.8 billion once completed and will also create more than 8,300 construction and related jobs. It will also generate 1,100 permanent jobs.
"We've done business in Detroit for nearly 50 years, and this is our most significant and ambitious project here yet. Our great city is home to some of the world's most legendary people, teams and venues in sports and entertainment. Detroit deserves no less than the best - a world-class sports and entertainment district we can all be proud of. And that's exactly what we will build," said Christopher Ilitch, president and CEO of Ilitch Holdings, Inc., in the statement.
"The expanded vision for this important project will immediately begin building on the success of other investments along Woodward Avenue. This is a powerful example of how public-private partnerships have multiplier effects that benefit the city, the region and the state," Governor Rick Snyder said.
Detroit's Past
Detroit filed for bankruptcy July 2013. The 'motocity's' debt was evaluated to be something between $18- $20 billion, the largest municipality bankruptcy filing in the history of the United States. The city bled population. Thousands that once thronged central parts of the bustling area, left.
News of the development comes right in time for Detroit's birthday. The motocity is turning 313 this week and residents are celebrating their city through various events.
Recently, a study revealed that people are flocking to 'sadder" cities like Detroit because rents are relatively low there. Looks like Detroit's rejuvenation has already started.
