Joe Louis Arena, where the NHL's Red Wings have played, will be demolished. The team's new arena broke ground in September on a site closer to midtown. Thanks to the bankruptcy settlement, the land will go to a creditor who will get nine acres to develop a hotel, office space or retail, according to Crain's. Sounds like a pretty done deal, though the bankruptcy trial continues.
· Detroit to give Joe Louis Arena land to creditor FGIC for potential hotel, retail, office development [Crain's]