Ilitch buys another property
The Ilitch family bought another empy downtown property through Ilitch Holding’s Olympia Development LLC real estate arm. This purchase only fueled speculation the Ilitch family will be building a new hockey arena for the Detroit Red Wings to use when their lease with Joe Louis Arena expires in 2009.
The historic building is next to the former Chin Tiki, recently bought by Olympia for Ilitch Holdings, owners of the Little Caesars Pizza chain, the Red Wings, Detroit Tigers, Hockeytown Cafe and Fox Theatre.
The Moose lodge is three blocks west of the Fox Theatre headquarters of Ilitch Holdings in a blighted 15-block area the Ilitches view as a potential major hub of entertainment, sports and retail.
The Ilitches also recently won the right to renovate the city-owned Grand Army of Republic building, which is bounded by the three-way intersection of Cass, Grand River and West Adams. It’s a block away from the Moose building.
The flurry of activity comes at a time when the Ilitch family is fast approaching a deadline on whether to build a hockey venue or renovate Joe Louis Arena.
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