Detroit Real Estate Firm Closes in On Deal to Develop The Joe Site

October 21, 2019, 7:13 AM

Joe Louis Arena (Photo: Michael Lucido) 

As downtown Detroit continues to develop it should be interesting to see what comes of the Joe Louis Arena site that was given away during the backruptcy to pay off debt.

The Detroit-based real estate company, the Sterling Group, founded by TCF Bank Executive Chairman Gary Torgow in 1988 and is now run by his adult children, is working to get the site New York City-based Financial Guaranty Insurance Corp. got the development rights as a result of the bankruptcy, Kirk Pinhio of Crain's Detroit Business writes, adding: 

If it finalizes — the Detroit City Council is expected to begin consideration of it this week — it would be another high-profile deal for the Torgow family, and the latest chapter in the effort to reuse the site of the former Detroit Red Wings home.

Plans for property are not known, although a previous vision set forward in a 2014 bankruptcy court settlement called for a mixed-use redevelopment with residential, office and hotel space.

Read more:  Crain's Detroit Business

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Potd_img_5126_556 "Cops lie, people die" a sign held by a few at the George Floyd Protest in Downtown Detroit

By: Michael Lucido