Exterior demolition work has commenced on Detroit’s Joe Louis Arena, mlive.com reports. This arena has served as home to the Detroit Red Wings, as well as numerous concerts, entertainment and wrestling events since it opened in 1979.
The demolition is expected to be complete by the end of 2019 or early 2020, mlive.com reports.
Donna Rice, senior project manager for the Detroit Building Authority, says that the exterior work will be progressing over the course of the next few months. Rice explains that once demolition is completed, only the roof, the roof’s trusses, steel columns and the lower bowl will be left standing.
Detroit was given a $10 million loan by Michigan’s Strategic Fund in order to aid in the demolition process, mlive.com reports. The state agency says it can see the “potential for $150 million of private investment on the site within the next five years.”
Detroit is responsible for the demolition under a deal with the New York-based creditor Financial Guaranty Insurance Co., Detroit Free Press reports. Financial Guaranty Insurance Co. will get ownership and development rights to the property once the demolition is completed.
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