(Photo: Paul Sancya, AP)
The Palace of Auburn Hills will be demolished and redeveloped into a mixed-use facility.
Detroit Pistons owner Tom Gores and Livonia-based Schostak Brothers & Co. formed a joint venture to bring corporate office, research and development space and technology companies to the site of the former NBA franchise's arena, the Pistons announced Monday. Neither financial terms nor a timeline were disclosed.
“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 said in a statement.