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.