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Palace of Auburn Hills to be razed; redevelopment in works

(Photo: Paul Sancya, AP)

The former home of the Detroit Pistons soon will be demolished to make room for the homes of technology companies and corporations.

A joint venture between Detroit Pistons owner Tom Gores and Livonia-based Schostak Brothers & Co. Inc. have purchased the Palace of Auburn Hills to be redeveloped into 1 million square feet of mixed-use office and research and development space, the Pistons said 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.