DETROIT -- The Detroit Red Wings and city officials have announced a $650 million plan for a new arena for the NHL team in the city's downtown entertainment and sports district.
The project was announced Wednesday at a meeting of economic development officials to approve the deal.
The 18,000-seat arena would be at Interstate 75 and Woodward Avenue, near the Detroit Tigers' Comerica Park and the Detroit Lions' Ford Field.
Red Wings and Tigers owner Mike Ilitch has long said that he wants a replacement for the 32-year-old Joe Louis Arena.
The Red Wings say there will be $367 million in private investment and $283 million in public funds in the complex.
It also will include residential and retail space. Ilitch's family also owns Little Caesars Pizza and downtown Detroit's Fox Theatre.