A loan has been granted for the demolion of the Joe Louis Arena in Detroit.
According to The Detroit News, the Michigan Economic Development Corp.’s Michigan Strategic Fund board voted Tuesday to approve a $10-million loan for the demolition of the vacant arena site for future development.
“We know redevelopment of the site will be coming in the near future just because it’s such a high-profile site in the city of Detroit,” said Greg Tedder, chief community development and marketing officer for the Michigan Economic Development Corp.
The Detroit News also reports that city of Detroit will use the funds from the low-interest, performance-based loan as well as other sources to pay for the demolition, which is estimated to cost about $13-million.
This past fall, city officials said that demolition preparation for the arena would begin early in 2019 and could take up to two months. A teardown of the building was projected to begin in June.
Joe Louis Arena was a city-owned facility that was a concert venue and former home of the Detroit Red Wings. The venue closed in the summer of 2017 and the NHL Red Wings moved to Little Caesars Arena on Woodward.
— With files from The Deroit News