The interior of Joe Louis Arena, via Wikimedia Commons
Joe Louis Arena will get a major transformation under a deal the city struck in bankruptcy court Thursday with its largest holdout creditor, bondholder Financial Guaranty Insurance Co.
Matt Helms of the Detroit Free Press reports that the bondholder will build a new hotel, residential and retail complex on the site of Joe Louis Arena and its parking garage.
Under the agreement, Financial Guaranty Insurance Co. would redevelop the 8.6 acres by 2020, the Freep reported.
The deal also gives FGIC about $74 million in cash from bonds the city will issue.
