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Michigan Strategic Fund board approves demolition of Joe Louis Arena

DETROIT (WKZO) -- The Michigan Strategic Fund board voted to approve the demolition of Joe Louis Arena in Detroit once the Red Wings have their new arena open.

The new facility is planned for a section of the Cass Corridor surrounded by an entertainment district which will include retail, residential and office space. The cost to tear down the arena is pegged at six-million dollars.

The Joe Louis property on Detroit's riverfront is expected to draw interest from many developers. The Red Wings new arena is slated to open in 2017.