The approval clears the way for construction to begin on the 18,000 seat stadium and surrounding entertainment area. Not far from Fox Theater and Comerica, also Ilitch properties, the new arena has a target date of 2017.
Two weeks ago, the Detroit City Council was originally set to vote on the arena. It was pushed back to April 13 and then delayed once more to Monday, where it was approved.
The holdup a few weeks back was related to two historic buildings: the Hotel Eddystone and Harbor Lights. Eddystone will stay but will be redeveloped into 80-100 new apartments. Harbor Lights will be torn town to make way for the development.
The two historic buildings were constructed in the 1920s and a compromise has been reached and it just needs approval from the Detroit Historic District Commission. The commission meets on May 13 and has to sign off on the plan to save Eddystone first.
The stadium is expected to cost $450 million which will be paid in bonds.