DETROIT – Joe Louis Arena is almost gone, leaving fans with nothing but memories.
Now that the honeymoon is over on demolition, we're learning who will redevelop these hallowed 5 acres along the riverfront.
According to the mayor's office, local developer Sterling Group is buying the property for about $14 million. Sterling Group is also close to a development deal with the city that would immediately save the city $6.7 million in costs and include an up-front payment of $2 million, and $600,000 a year for 20 years.
Video shows Joe Louis Arena demo on Sept. 10, 2019:
Crains, which first reported the deal with Sterling Group, says the initial indications to build "a high-density mixed-use development."
The current owner of the property is one of the city's creditors that lost $1 billion dollars in the bankruptcy and was given the rights to the land in trade. It sold to Sterling and Sterling enters into a redevelopment deal with the city.
Watch the video above for the full report.