This is of concern, per the Detroit News’s Louis Aguilar…
The new owners of the land occupied by Joe Louis Arena filed a lawsuit against the City of Detroit on Monday, requesting a two-year extension on what to develop on the riverfront site.
The lawsuit was filed in U.S Bankruptcy Court by Gotham Motown Recovery, the company created by Financial Guaranty Insurance Company (FGIC), which owns the rights to develop the site. FGIC was a creditor in Detroit’s bankruptcy and the company was given the arena site and parking garage as part of the settlement deal.
Under the current agreement, the city has 90 days to tear down the arena once it is vacated.
But the firm says the city is sending too many mixed signals of what it wants developed there. The city hasn’t responded to the filing, and did not immediately respond for comment.
FGIC CEO Tim Travers, on behalf of Gotham, said in a written statement Monday, “We are concerned that the city’s actions may hinder and delay a successful development on the Joe Louis Arena site, which is our objective.”
And the Free Press’s J.C. Reindl:
Continue reading Joe Louis Arena site developer files suit against City of Detroit