DETROIT, June 20, 2013 /PRNewswire/ -- DTE Energy chairman, president and CEO Gerry Anderson said the Downtown Detroit Events Center District project announced this week by Olympia Development of Michigan, the City of Detroit Downtown Development Authority (DDA) and Wayne County could be a catalyst for growth and development in a significant portion of Detroit's downtown area.
The deal, currently valued at around $650 million according to the MOU, would result in the building of a mixed-used development in the district, including residential, retail, office facilities and events center. The project would also create thousands of jobs and stimulate additional economic development.
The public-private development would be bordered by I-75 to the North, Cass Avenue to the West and Woodward Avenue to the East.
"This is a catalyzing step for the city," said Anderson. "This area – much of which is underdeveloped – is now within easy walking distance to three major sports venues, the Theater District and two casinos and it is minutes from the Business District. This area should be incredibly attractive for businesses, retail and residential development."
DTE Energy, which employs 10,000 people including 3,000 at its downtown headquarters, is part of a neighborhood revitalization campaign that is adjacent to where the proposed development is to be located.
DTE Energy recently acquired several properties in the area with a goal of helping to spur the pace of redevelopment in this area.
"We're proud to be a part of downtown Detroit's redevelopment, and we support public-private initiatives like the one announced today that would accelerate that," said Anderson.
About DTE Energy
DTE Energy (NYSE: DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide.
SOURCE DTE Energy