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The Business of Hockey Discuss the financial and business aspects of the NHL. Topics may include the CBA, work stoppages, broadcast contracts, franchise sales, NHL revenues, relocation and expansion.

Wings' new home to be Little Caesars Arena (20 yr term, avg $6.25 MM/yr)

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Old
10-07-2016, 12:56 PM
  #51
Llama19
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Little Caesars Arena Construction Photos Released

To quote:

"Little Caesars Arena itself is expected to cost $627 million, $284.5 million of which comes from public funding that will be paid for by property tax revenue from the project (more on that here.) Additional private development is expected to take place in The District Detroit, sprawling mixed-use area that will encompass roughly 50 blocks surrounding Little Caesars Arena."

Source: http://arenadigest.com/2016/10/07/li...otos-released/

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10-12-2016, 02:33 PM
  #52
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Cost of Little Caesars Arena Could be Roughly $1 Billion

To quote:

"When accounting for interest and other expenditures relating to the project, the final cost of Little Caesars Arena could be close to $1 billion.

...but those have not included the interest on 30-year bonds–$250 in million Series A bonds issued by the Downtown Development Authority (DDA), plus $200 million in Series B bonds–and other project costs.

The variable interest rate Series A bonds, which are to be covered by tax revenues from the arena and surrounding area, are expected to generate $231 million in interest, while the Series B bonds will come with an additional $132.5 million in interest that is to be paid by Olympia Development of Michigan. Those factors, combined with another $177 million spent by Olympia Entertainment, mean that Little Caesars Arena‘s final price tag could rise to $991 million by 2045."

Source: http://arenadigest.com/2016/10/12/co...hly-1-billion/

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11-09-2016, 08:56 AM
  #53
LadyStanley
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http://www.usatoday.com/story/sports...733m/93478708/

Price tag increases $105m to $733m

Quote:
The city's Downtown Development Authority says the revised estimate to build the Little Caesars Arena for the NHL team reflects the specific cost of materials, permits, design refinements and subcontractor agreements. The Detroit News says city documents indicate other construction costs could rise.

Officials say the revision doesn't indicate massive cost overruns nor that taxpayers will face additional expenses.

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11-09-2016, 09:31 AM
  #54
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Original article was probably originally written by a AI Bot. Also given the cost at 3/4 a BILLION dollars now, maybe that price tag indicated Football Stadium price to the bot.

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11-09-2016, 07:09 PM
  #55
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How about some pics on a semi-regular basis of the new arena's progress and all it's wonderful features.

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11-09-2016, 08:10 PM
  #56
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Quote:
Originally Posted by blueandgoldguy View Post
How about some pics on a semi-regular basis of the new arena's progress and all it's wonderful features.
http://www.skyscrapercity.com/showth...518249&page=61

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11-22-2016, 09:55 AM
  #57
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Looks like the Detroit Pistons are coming, too...

Report: Pistons agree in principle to move team downtown

To quote:

"The person spoke on condition of anonymity Monday because there had been no formal announcement. Pistons owner Tom Gores is set to appear at a news conference Tuesday with Detroit Mayor Mike Duggan and Christopher Ilitch, president and CEO of Ilitch Holdings.

Gores acknowledged last month that the team was close to a deal to leave The Palace of Auburn Hills and start playing downtown next season. The Pistons have been in talks about playing at the new arena that is being built for the Detroit Red Wings, who are owned by Mike and Marian Ilitch. The arena site is about 30 miles from Auburn Hills."

Source: http://www.espn.com/nba/story/_/id/1...-move-downtown

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11-22-2016, 10:11 AM
  #58
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Auburn Hills survive at all?

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Old
11-22-2016, 10:28 AM
  #59
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I wonder how valuable of a real estate piece the land in Auburn Hills is?

Either way, good to see the Pistons downtown.

That will be one more 80's era arena gone. Once the Bucks and Warriors are in their new digs, aside from MSG, I beleive Minneapolis have the oldest arena in the NBA and it's 26 years old


Last edited by Mightygoose; 11-22-2016 at 10:34 AM.. Reason: Forgot about Minny
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Old
11-22-2016, 10:32 AM
  #60
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Quote:
Originally Posted by Mightygoose View Post
I wonder how valuable of a real estate piece the land in Auburn Hills is?

Either way, good to see the Pistons downtown.

That will be one more 80's era arena gone. Once the Bucks and Warriors are in their new digs, aside from MSG, I beleive Phoenix will have the oldest arena in the NBA by then and it only turns 25 next year.
From this article, Oakland County won't buy The Palace of Auburn Hills- so what's next?, not nearly anything close to what the owner (Tom Gores) wanted...

To quote:

"Oakland County officials said the offering at about $384 million was "all-in" at that amount, and that it would have required $270 million in bonds to cover it.

According to a report in Crain's Detroit Business on Monday, the deal was for $180 million in cash, with a 25-year, $60 million lease paid by the Detroit Pistons.

Meanwhile, the assessed value of the building – owned by Pistons Palace Holdings LLC - is $17,192,820, according to Auburn Hills tax records. Its taxable value is $16,513,510."

Source: http://www.mlive.com/news/detroit/in...ls_oaklan.html

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Old
11-26-2016, 05:30 PM
  #61
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Quote:
Originally Posted by cutchemist42 View Post
Auburn Hills survive at all?
The building is worth much more dead than alive...and so I expect demolition and a new neighborhood taking its place.

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Old
11-27-2016, 01:22 PM
  #62
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The Palace has that brand new scoreboard. It's gonna go to waste.

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Old
11-27-2016, 03:26 PM
  #63
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Quote:
Originally Posted by Vamos Rafa View Post
The Palace has that brand new scoreboard. It's gonna go to waste.

They could clean it up and sell it.

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Old
12-06-2016, 09:37 AM
  #64
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Terms of Pistons-Red Wings relationship still unknown

To quote:

"Sports insiders say there are some joint arenas that suggest a few scenarios for what that financial relationship might look like. Such arrangements can be fairly straightforward rent deals to deeply sophisticated arrangements divvying up every penny of revenue."

Source: http://www.crainsdetroit.com/article...-still-unknown

Related article: Pistons deal revives DEGC privacy issue

To quote:

"Sources have said the Pistons meeting is an extreme case of the committee being kept in the dark. But the way that deal, which still requires approvals from the Michigan Strategic Fund, the DDA board and the Detroit City Council in the coming months ahead of the 2017-18 Pistons season, was brought to light is emblematic of a 38-year-old organization that has long been criticized publicly and privately for being too secretive and opaque."

Source: http://www.crainsdetroit.com/article...NEWS/161209939

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Old
12-06-2016, 09:51 AM
  #65
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We used to call it Little Seizures because it was vile, but then it got slightly better ... and we still called it that. Didn't stop us from filling our fat faces, though. $5 pizza? Yes please. We went Full Phil Kessel on those bad boys. And they were bad.

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01-14-2017, 03:54 PM
  #66
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Does anyone know if LCA will have its own jumbotron? Or will they just buy the one that the Palace is currently using?

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Old
01-14-2017, 05:19 PM
  #67
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Quote:
Originally Posted by Vamos Rafa View Post
Does anyone know if LCA will have its own jumbotron? Or will they just buy the one that the Palace is currently using?
They are going to have a brand new full 4X HD board.


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Old
01-16-2017, 12:29 PM
  #68
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Quote:
Originally Posted by Fenway View Post
They are going to have a brand new full 4X HD board.

Wish teams would go with the rectangular boards to better fit the dimensions of an arena.

Leafs just upgraded theirs and did the same old cube, I don't understand. This size makes a lot more sense to me:


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01-17-2017, 11:30 AM
  #69
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Quote:
Originally Posted by Mightygoose View Post
I wonder how valuable of a real estate piece the land in Auburn Hills is?

Either way, good to see the Pistons downtown.

That will be one more 80's era arena gone. Once the Bucks and Warriors are in their new digs, aside from MSG, I beleive Minneapolis have the oldest arena in the NBA and it's 26 years old

The Palace is/was nice, but I could never stomach an arena in a suburban location like that. I live just west of Boston and I take transit to TD Garden as well as the four college rinks in the city. All these arenas have bars nearby, more or less.

Speaking of the Joe, my one visit was during the NCAA hockey finals in Detroit. A good place to see a game, but there isn't much nearby except for Cobo Joe's. A weird place to get to, if you will. Now the Wings will actually play near the Hockeytown Cafe and whatever else sprouts up around the overall sports complex.

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Old
01-17-2017, 04:29 PM
  #70
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The Palace was closer to Flint than to Detroit. It was built in a very different time and most of the predictions from that era about where growth in suburban Detroit would happen proved wrong... everyone was all about Livonia, then Plymouth/Canton/Northville, then Novi/Wixom/Commerce and now South Lyon and Brighton. Detroit remains the only location conveniently accessible from all parts of SE Michigan.

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01-17-2017, 08:28 PM
  #71
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Quote:
Originally Posted by TOGuy14 View Post
Wish teams would go with the rectangular boards to better fit the dimensions of an arena.

Leafs just upgraded theirs and did the same old cube, I don't understand. This size makes a lot more sense to me:

Like Tampa.


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01-17-2017, 08:45 PM
  #72
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Originally Posted by FloridaCat View Post
Like Tampa.

My guess is with a rectangle like Tampa anyone sitting in end gets the much shorter end screen, thus possibly limiting ad space and other promos that go on big screen. A square has equal coverage for each side.

Again, just a guess and speculation from me

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01-17-2017, 09:44 PM
  #73
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Quote:
Originally Posted by Vamos Rafa View Post
The Palace has that brand new scoreboard. It's gonna go to waste.
Quote:
Originally Posted by Fugu View Post
They could clean it up and sell it.
Daktronics was awarded the contract for the new Olympia.

Fugu they will have no problem selling the board. The biggest expense is not the board itself but the control room.



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Old
06-02-2017, 09:35 AM
  #74
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Lawsuit: Detroit authorities misuse revenue for arena

To quote:

"A resident is suing two Detroit taxing authorities alleging they are illegally using tax revenues intended for the city’s public school students to finance construction of the Little Caesars Arena and a new headquarters for the Detroit Pistons.

D. Etta Wilcoxon alleges in a federal lawsuit filed Thursday in U.S. District Court that the Detroit Downtown Development Authority and the Detroit Brownfield Redevelopment Authority have violated her right to vote by attempting to use tax revenue from an 18-mill DPS levy “for a different purpose” without first obtaining voter approval from Wilcoxon and the other registered voters."

Source: http://www.detroitnews.com/story/new...uit/102402284/

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06-02-2017, 10:07 PM
  #75
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Quote:
Originally Posted by Llama19 View Post
Lawsuit: Detroit authorities misuse revenue for arena

To quote:

"A resident is suing two Detroit taxing authorities alleging they are illegally using tax revenues intended for the city’s public school students to finance construction of the Little Caesars Arena and a new headquarters for the Detroit Pistons.

D. Etta Wilcoxon alleges in a federal lawsuit filed Thursday in U.S. District Court that the Detroit Downtown Development Authority and the Detroit Brownfield Redevelopment Authority have violated her right to vote by attempting to use tax revenue from an 18-mill DPS levy “for a different purpose” without first obtaining voter approval from Wilcoxon and the other registered voters."

Source: http://www.detroitnews.com/story/new...uit/102402284/
Sounds like a case where government tried to raid one coffer to fill another. Dirty, but the courts rarely allow cases of taxpayer standing to proceed. This will be interesting to see how it progresses.

Separate from that, with the Palace of Auburn Hills having no primary tenant now and development happening rapidly there, have plans been announced for that arena's demolition? The arena is worth more dead than alive.

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