The razing of the Hotel Vermont in Foxtown again raises the question:
Does Mike Ilitch and Olympia Holdings plan to build the new Joe Louis
Arena there? Despite growing beliefs that this is the case, Olympia is
still playing coy.
"Frankly, I think it's a logical place for a
new hockey stadium" said Chuck Forbes, founder of Forbes Management
whose company owns the Gem Theatre and the State Theatre just down the
street from the Fox. Forbes also owns two properties on Park Avenue,
the Women's City Club and the Colony Club buildings, and says he's
already invested more then $700,000 in recent upgrades.
"We're
talking about a formidable, unique district," Forbes said. "You have
top-rated theaters, professional sports stadiums, upscale nightclubs,
luxury housing. We're really optimistic of the opportunities back
there."
Ilitch Holdings agreed the area has plenty of potential.
"If
there are opportunities to purchase properties that are adjacent to
ours, we take a look at those properties," [spokeswoman Karen] Cullen said. "That area is a
tremendous sports and entertainment district and we are committed to
seeing that develop and grow."
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