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.

Watch the video above for the full report.

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