DETROIT, April 22, 2015 /PRNewswire/ -- A $50 million contract comprising most of the structural steel work for the new Detroit Events Center was awarded today to Midwest Steel, a Detroit-headquartered business. To date, the Downtown Development Authority has approved seven contracts worth $85 million, of which Detroit-based and -headquartered businesses have won more than 90%, or $78 million. Olympia Development of Michigan has set a target of at least 30 percent Detroit-based and -headquartered business participation in constructing the future home of the Detroit Red Wings.
"The contracts awarded to date demonstrate the benefits coming to residents and businesses in Detroit and throughout Michigan through this transformational project," said Steve Marquardt, Vice President of Olympia Development. "With the City Council's zoning approval yesterday and the acceleration of construction work on the site this week, the positive impact on our people, community and economy is underway."
"Midwest Steel is a third-generation family business that has been headquartered in Detroit for more than 40 years. Our roots are deep in this city, and we couldn't be more proud to be a part of this exciting development and help build the new Detroit Events Center – future home of our own Detroit Red Wings," said Thomas Broad, President of Midwest Steel.
Two other contracts that Olympia Development recommended for approval to the City of Detroit Downtown Development Authority were also awarded today. Ram Construction Services of Michigan was recommended for below-grade waterproofing and Rohrscheib Sons Caissons, Inc. was recommended for deep foundations. This work totals just over $5 million.
Detroit-based businesses won more than 90 percent of previously announced contract awards for excavation, earth retention and other initial site work. All contractors and subcontractors have also committed to attain Olympia's goal of 51 percent Detroit resident employment in construction of the Events Center.
About The District Detroit
The District Detroit will transform 50 blocks in downtown Detroit into a world-class sports and entertainment district where people will live, work and play in five distinct neighborhoods. Office, retail and residential buildings – as well as the new Events Center – are scheduled to be complete in 2017.
Construction of the arena and surrounding District is expected to generate at least $1.8 billion in total economic impact, 8,300 construction and construction-related jobs and 1,100 permanent jobs. More than $100 million in income from the Events Center project alone is expected for Detroit residents, with significant additional income to be created through future private development. Learn more at www.DistrictDetroit.com.
About Olympia Development of Michigan
Olympia Development of Michigan is a Detroit-based full-service real estate company owned by Detroit entrepreneurs Michael and Marian Ilitch. The company is responsible for developing and investing in some of Detroit's most recognized and visited venues, including the nationally acclaimed Comerica Park. Other Ilitch companies in the food, sports and entertainment industries include: Little Caesars Pizza, Blue Line Foodservice Distribution, the Detroit Red Wings, Olympia Entertainment, Little Caesars Pizza Kits Fundraising Program, Champion Foods, Ilitch Holdings and Uptown Entertainment. Michael Ilitch owns the Detroit Tigers. Marian Ilitch owns the MotorCity Casino Hotel.
SOURCE Olympia Development of Michigan