The District Detroit Making Positive Impact On Local Economy: Detroit Companies Awarded Nearly $200 Million To Date

DETROIT, Jan. 28, 2016 /PRNewswire/ -- With $308 million in contracts awarded to date for The District Detroit development, $196.5 million have gone to Detroit-based or –headquartered businesses.  Detroit and Michigan companies together have earned the vast majority of the dollar value of the contracts, more than $299 million. Nine new contracts worth nearly $50 million were approved by the Detroit Downtown Development Authority yesterday.

"We continue to work extremely hard to source this project locally. The District Detroit development already represents nearly $200 million in income going directly to Detroit–based or –headquartered businesses. This is just the kind of economic impact that we expected for Detroit and Michigan businesses from this transformative project," said Steve Marquardt, Vice President of Olympia Development of Michigan.

Among the contracts awarded to Detroit-based businesses on Wednesday, Midwest Steel earned a contract for parking structure precast concrete for $16.7 million, Ideal Contracting earned a contract for parking structure concrete for $8.6 million, and Christen Detroit earned a contract worth $2.5 million for the arena roofing system.

"The District Detroit has been a great opportunity for Midwest Steel, both as a new business opportunity and a way to demonstrate our expertise in a very high-profile project," said Thomas Broad, President of Midwest Steel, a Detroit-headquartered company for more than 40 years.  "Most importantly, The District Detroit has also been an opportunity for us to develop and grow our workforce with some of the best workers in the world, right here in Detroit."

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. 

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 Kit Fundraising Program, Champion Foods and Ilitch Holdings. Michael Ilitch owns the Detroit Tigers. Marian Ilitch owns the MotorCity Casino Hotel.

SOURCE Olympia Development of Michigan