Ilitch proposes $650M project housing Red Wings

Posted: 12.04.2012 at 11:17 PM

Detroit Red Wings owner Mike Ilitch is planning a $650 million multiuse development in downtown Detroit that includes a new home for his hockey team. / NBC25

DETROIT (AP) -- Detroit Red Wings owner Mike Ilitch is planning a $650 million multiuse development in downtown Detroit that includes a new home for his hockey team.

Ilitch said Tuesday that he's proposing a "substantial investment in the development of a new residential, retail, office and entertainment district in downtown Detroit."

Ilitch has long said he wants to build a new downtown home for the Red Wings, who now play at Joe Louis Arena.

Spokeswoman Sandra van Meek says the proposed development would include a replacement for Joe Louis, which was built in 1979.

Detroit Mayor Dave Bing says he's "very pleased" at news of the project, which caps $1.9 billion in Ilitch investments.

Ilitch's family also owns the Detroit Tigers, Little Caesars Pizza and downtown Detroit's Fox Theatre.