However, the city of Detroit countered with a proposal for a new riverfront arena in which they would charge the Red Wings much lower rent than what Pontiac was offering. In 1977, the Red Wings announced that they would be moving to a proposed arena in suburban Pontiac. However, by the late 1970s, the neighborhood around the Olympia had gradually deteriorated, especially after the 1967 Detroit riot. The Red Wings had been playing at Olympia Stadium since 1927. A 25-floor residential tower, The Louis, is being built and estimate completion in 2024. Demolition started in early 2019 and was completed by mid-2020. In April 2017, the Red Wings hosted their final game at Joe Louis Arena the venue was succeeded by Little Caesars Arena. Joe Louis Arena was owned by the city of Detroit, and operated by Olympia Entertainment, a subsidiary of team owner Ilitch Holdings. It was the home of the Detroit Red Wings of the National Hockey League and the second oldest NHL venue after Madison Square Garden until the start of the 2017–18 NHL season. The venue was named after former heavyweight champion boxer Joe Louis, who grew up in Detroit. Completed in 1979 at a cost of US$57 million as a replacement for Olympia Stadium, it sat adjacent to Cobo Center on the bank of the Detroit River and was accessible by the Joe Louis Arena station on the Detroit People Mover. Joe Louis Arena was an arena in Downtown Detroit. The Detroit Shock practice at Joe Louis Arena before Game 5 of the 2006 WNBA Finals.
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