AUBURN HILLS, Mich. – The Palace of Auburn Hills is set to be demolished this fall as Detroit Pistons owner Tom Gores works with a real estate company to redevelop the site, the team announced.
The mixed-use development is expected to include corporate offices, along with research and development and technology companies.
Gores said in the past that he wanted to find a solution for the Palace that would have a positive affect on the community.
"We promised the people of Auburn Hills and Oakland County that we would find a solution that would be good for the community and make a positive economic impact," Gores said. "Partnering with a proven, well-respected developer like Schostak Brothers is an important step in delivering on that promise."
Schostak Development President Jeffrey Schostak said he views the property as a premier piece of land based on its location and accessibility on and off I-75.
"Schostak Brothers is ready to take the lead and use our expertise in complex redevelopments to create a new and exciting next chapter for The Palace and its surrounding property," Schostak said.
Detroit Pistons Vice Chairman Arn Tellem said finding a partner with a strong local community presence was a priority.
"We want to work with people who are truly invested in the community and are committed to maximizing the potential of the site," Tellem said.
A specific timeline for the development has not been announced.
The Pistons are preparing to move their remaining team and business operations to the new Henry Ford Detroit Pistons Performance Center in Detroit. It is scheduled to be completed this fall.
Auburn Hills Mayor Kevin McDaniel said the sale and partnership are a win-win for the city.
"There has been great cooperation and collaboration with the Pistons organization since the team announced it was moving to Detroit," McDaniel said. "Recognizing the probability that the property would not continue as an arena, an internal planning activity took place within the city to establish the highest and best use for the land."