Another former home of a Detroit sports team will soon face the wrecking ball.
According to Crain's Detroit Business, the Palace of Auburn Hills has been sold to a joint venture and is expected to be torn down sometime later this year. The 80-acre site, off I-75 in Oakland County, will then be rebuilt entirely. Schostak Brothers is undertaking the venture with Detroit Pistons owner Tom Gores, whose team played in the arena from 1988 to 2017.
"We want to work with people who are truly invested in the community and are committed to maximizing the potential of the site," said Pistons Vice-Chairman Arn Tellem in a media release. "Schostak Brothers is a strong, recognized name in the local real estate landscape. They also have a national reach and a strong track record of delivering results, which makes them the ideal partner."
Jeffery Schostak, president of Schostak Development, said they have a golden opportunity to develop a mixed-used property right on one of the top parcels of land in southeastern Michigan.
"Schostak Brothers is ready to take the lead and use our expertise in complex redevelopments to create a new and exciting next chapter for The Palace and its surrounding property," said Schostak. "We are looking forward to working with Tom Gores’ organization and our partners at the City of Auburn Hills, Oakland County and the State of Michigan on this project, and we’re excited about the prospects for this site."
Terms for the deal have not been disclosed, and there is no specific timeline set.
The deal was confirmed on the Pistons' official website. The team still has some practice facilities and corporate offices at the Palace, but those are expected to be moved this fall to the state-of-the-art Henry Ford Detroit Pistons Performance Center, which will open in Detroit's New Center area.
The arena closed in the spring of 2017 when the Pistons moved back to the city of Detroit and joined the NHL's Detroit Red Wings at Little Caesars Arena. The Pistons won three NBA titles while playing at the Palace.
The Palace will become the latest in a string of former Detroit-area sports venues to face demolition. The Pontiac Silverdome, former home of the NFL's Detroit Lions and the Pistons, was imploded late in 2017. The Wings' old home, Joe Louis Arena, is currently being torn down.