Source: Developer in talks to purchase Palace of Auburn Hills
Property could be heading for tech, research use
AUBURN HILLS, Mich. – Since Pistons owner Tom Gores moved the team to Downtown Detroit, its former home, The Palace of Auburn Hills, has been vacant.
Now, a source confirms talks of selling the stadium to well-known developer Schostak Brothers are progressing well but there is no finalized deal.
Crain’s is reporting the stadium is under contract to Schostak Brothers & Company, a real estate development company. This isn’t the first time Schostak has been in the mix to redevelop a stadium. It bid more than $20 million for a shot at the Pontiac Silverdome, a deal the city of Pontiac ultimately rejected.
It ended up auctioning the property off for a paltry $583,000. Both Oakland County and Oakland University were in the mix, but the county decided the $300 million-plus price tag was too steep of an ask, and a deal with the university never came to fruition.
The city of Auburn Hills has already rezoned the parcel for tech and research, which is likely where the property is heading.
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