By Michael Caples –
The Detroit Red Wings moved one step closer towards having a new home today.
The plans for a $650 million arena and entertainment district were announced Wednesday, and approved by the Detroit Development Authority, the City of Detroit, Wayne County and the State of Michigan.
According to a report from the Associated Press, a 18,000 seat arena was proposed to replace 32-year-old Joe Louis Arena.
The development, which will also include residential and retail areas, will be constructed by a mix of private and public funding. $367 million will be from private investments, and $283 million from public funds.
The new arena and entertainment complex will be located at I-75 and Woodward Avenue, which would put the Wings near the Detroit Tigers (Comerica Park) and Detroit Lions (Ford Field).
The Detroit News reported that George Jackson, president of the Detroit Economic Growth Corp., would like the negotiations to be wrapped up by the end of the year.