Joe Louis Arena site to be redeveloped by Detroit bankruptcy creditor

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From the Detroit News:

The last major holdout creditor in Detroit’s bankruptcy case will get to redevelop the Joe Louis Arena site under terms of a deal struck early Thursday aimed at speeding the city’s exit from bankruptcy court.

Under the deal, holdout bond insurer Financial Guaranty Insurance Co. will replace the longtime home of the Detroit Red Wings with a hotel, riverfront condominiums and retail. The development, which includes the Joe Louis Arena parking garage, has the potential to transform a stretch of the riverfront west of Cobo Center and complement earlier redevelopment efforts along the Detroit River.

OK, so not really a hockey story, but definitely interesting for those readers who live in the Detroit area.

As you can see below, the Joe is located along the banks of the Detroit River. Across the way is Windsor, Ontario.

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The Wings are set to move into their new downtown home in time for the 2017-18 NHL season.

The Joe will likely be demolished in 2017.