As development on Little Caesars Arena continues, the Illitch family is estimating that investment in the arena and surrounding projects is approaching $2 billion.
Set to open for the Detroit Red Wings next fall, Little Caesars Arena is receiving significant attention for the proposed development in the surrounding areas. Known as The District Detroit, the project taking place outside the arena is expected to cover roughly 50 blocks. The developments call for amenities such residential units, entertainment options, office suites, green space, and lodging.
Aside from investments through Olympia Entertainment, the Illitch family is getting involved in other areas of the project. Little Caesars–the pizza chain that is controlled by Illitch Holdings–obtained the naming rights to the venue, and the Illitches are generating more plans.
When asked in a recent television interview where the investment in Little Caesars Arena and The District Detroit stood, Illitch Holdings president and CEO Christopher Illitch said that the number is coming close to $2 billion. More from The Detroit News:
In a CNBC interview Monday, Ilitch upped the ante of how much the Ilitches may invest in the 50-block area around the Little Caesars Arena, the $627.5 million, 20,000-plus seat venue opening next year. Entities linked to the Ilitches Olympia Development of Michigan own dozens of properties in that 50-block area, including several long-vacant buildings and empty lots.
“We are on track to be at about $2 billion,” in Detroit investment, Ilitch said. “We’ve got about 52 projects right now on the board. We’ve announced about $1.2 billion and got about another billion yet to be announced.”
Some of the big projects the Ilitches are already working on include the Little Caesars Global Resource Center. The $150 million, nine-story corporate headquarters is being built on a parking lot next to the pizza chain’s current headquarters in the Fox Theatre. Across the street from the planned 234,000-square-foot headquarters is Comerica Park, home to the Detroit Tigers.
The Little Caesars headquarters is three blocks south of the future Little Caesars Arena. Next to the arena is the future Wayne State University Mike Ilitch School of Business, a $50 million facility.
A topping off ceremony was held for the arena in August. Little Caesars Arena is one of two NHL venues that are set to host regular season action for the first time in 2017-18, joining Las Vegas’ T-Mobile Arena.