The eight-block area known as the Arena District, the new home of the under-construction Red Wings arena, is comprised of 56 properties bought up by the Ilitch family over the years. But there are still three they don't have in the district and those owners seem set on not-selling. The Detroit News has identified these properties as two party stores and a fire-damaged rental home on Cass Avenue. The owners of the home paid $25,000 for it 12 years ago and were offered $350,000 by the Ilitches 10 years ago. Seems like a decent rate of return? But wait, a "squat building on Sibley" got $20M. Maybe there is something to this hold out.
· 3 sites holding out in Red Wings arena district [The Detroit News]