More Contract Awards Featuring Detroit Businesses Announced For New Detroit Events Center

Detroit-based Tooles Contracting Group earns $28 million contract for concrete

Detroit-based Lardner Elevator partners with primary vertical transportation contractor KONE in groundbreaking joint venture

Detroit-based and -headquartered businesses have won more than 88 percent - or $106 million - of the contracts awarded

News provided by

Olympia Development of Michigan

Jun 24, 2015, 04:29 ET

DETROIT, June 24, 2015 /PRNewswire/ -- At the recommendation of Olympia Development of Michigan, the Detroit Downtown Development Authority has approved new multi-million dollar contracts for future work on the new Detroit Events Center, future home of the Detroit Red Wings.

Contract awards include $28 million for concrete work to Tooles Contracting Group, which is a registered Detroit-based Minority Business Enterprise. Additionally, nearly $8 million for vertical transportation was awarded to national elevator and escalator company KONE Inc., which allocated more than 11 percent of the value of its contract to Detroit-based Lardner Elevator Company. This unique partnership diversifies the traditional elevator model for new construction, which has rarely included Detroit-based businesses.

"To earn new construction work on a project of this magnitude and importance for the city of Detroit is a real point of pride for us," said Elizabeth Lardner, President of Lardner Elevator.

"We recognize the importance of bringing Detroit-based companies into the vertical transportation industry. Olympia Development's outreach program supported our efforts to diversify this industry and create a partnership with Detroit-based Lardner Elevator. It's a win-win for all of us," Larry Wash, Executive Vice President of KONE Americas.

Olympia Development of Michigan set a target of at least 30 percent Detroit-based or -headquartered business participation in constructing the new Detroit arena. To date, the Detroit Downtown Development Authority has approved nine contracts worth $121 million, of which Detroit-based and -headquartered businesses have won more than 88 percent - or $106 million - of the contracts awarded.

"Olympia Development's outreach program is ensuring that Detroit businesses like mine are participating financially in this transformative project," said Damon Tooles, President of Tooles Contracting Group, LLC.

All contractors and subcontractors have also agreed to Olympia's aggressive goal of 51 percent Detroit resident employment in construction of the Events Center.

About the Detroit Events Center

Home to the Detroit Red Wings, other sports and entertainment events, concerts, family shows and community functions, the Detroit Events Center will feature a dramatic arena bowl, proximity to the action and great sight lines. Rich with the tradition of the Original Six Detroit Red Wings and Detroit's incredible musical heritage, the new Detroit Arena will also feature state-of-the-art technology and fan amenities. The Detroit Events Center will open in September of 2017, and it's going to deliver amazing experiences.

About The District Detroit

The District Detroit will be made up of a dynamic mix of sports and entertainment venues, including six world- class theatres and three multi-use sports venues – home to the Detroit Red Wings, the Detroit Tigers and the Detroit Lions. The District Detroit will also feature residential, office and retail developments that connect these venues into one contiguous, walkable area, where families, sports fans, entrepreneurs, job seekers, entertainment lovers and others who crave a vibrant urban setting can connect with each other and the city they love.

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.

Logo - http://photos.prnewswire.com/prnh/20150611/222356LOGO

SOURCE Olympia Development of Michigan