Monday, May 28, 2007

Ilitch Blocker

The owner of the CC Bar appears to be ready to cash in on the speculation related to the rumors that a new Red Wings arena will be built behind the Fox Theater. Mike Ilitch owns the majority of the vacant land West of Park Avenue with a few exceptions. With the demolition of the Hotel Vermont and Olympia Developments' involvement in other land acquisition in the area it appears that something is in the works.

The CC Bar was completely demolished except for two exterior walls prior to the new construction seen below.

So question is why rebuild almost completely from the ground up on a site that is almost certainly within the footprint of a new arena? Is the intention to rake in the cash from the foot traffic created by a new arena, or is the idea to put up some cheap construction in order to raise the property value in advance of an impending land grab? Either way it appears that the owners are trying to stick it to Mr. Mike.

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