Red Wings arena cost at $627M, could go higher

The cost of the new Red Wings arena being built now has gone up to $627 million, $177 million more than the original estimate, as the Wings’ owner continues to add major upgrades to the state-of-the-art venue. Some of the upgrades to 20,000 seat arena include a large LED screen in the outdoor public space, a practice and amateur hockey ice, and additional video and sound capabilities, according to Olympia Entertainment, a unit of Wings owner’ Ilitch Holdings Inc. The money for the additional upgrades is not coming from public taxpayer money but through private funding, Olympia officials said. The original $450 million estimate to build the venue is being partially paid by $250 million in bonds backed by taxpayer money. Any additional costs beyond the $450 million will come through private financing. Last week, Wayne State University announced that the new Mike Ilitch School of Business will be built next to the new arena.

The Detroit News
Crain's Detroit Business
Detroit Free Press


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