The Palace of Auburn Hills will soon be no more.
The Palace served as the home of the Detroit Pistons and a popular concert venue for decades. But it will be demolished this fall to make way for a mixed use office park.
The Pistons organization announced a joint venture between team owner Tom Gores and Livonia-based Schostak Brothers & Company to redevelop the property.
“We promised the people of Auburn Hills and Oakland County that we would find a solution that would be good for the community and make a positive economic impact,” Gores says. “Partnering with a proven, well-respected developer like Schostak Brothers is an important step in delivering on that promise.”
The financial terms of the deal were not disclosed.
Developer Jeffrey Schostak says the property is one of the premier parcels in metro Detroit based on its location in northern Oakland County.
“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,” says Schostak.
There’s no specific timeline for the demolition of the Palace or the development of the property.
The Palace opened thirty years ago.
During its three decades as the home of the Detroit Pistons, the Palace saw the team reach the heights by winning NBA titles. The arena also saw the Pistons plunge to the deepest depths with a brawl between players and fans remembered as the ‘Malice in the Palace.’
The Palace’s days were numbered after the Pistons moved to the new Little Caesars Arena in downtown Detroit in 2017.
Auburn Hills Mayor Kevin McDaniel calls the plan a ‘win-win-win’ for his city, its business community and its residents.
“News of this joint venture…aligns with a future for the property that is beneficial to the city while fostering innovation and job creation,” says McDaniel.