BREAKING: Palace of Auburn Hills to be demolished

The Palace of Auburn Hills officially opened for business on August 13, 1988.

Now, according to a report from Crain's Detroit Business, the former home of the Detroit Pistons has been sold and will be demolished this coming fall.

From Crain's Detroit Business:

The Palace of Auburn Hills property has been sold to a joint venture that plans a large redevelopment of the former Detroit Pistons home and concert venue after an anticipated demolition begins this fall.

Livonia-based Schostak Bros. & Co. and Detroit Pistons owner Tom Gores would not disclose financial terms of their JV deal that is expected to result in a cleared 110-acre Palace site with about 80 acres of buildable land for more than 1 million square feet of mixed-use tech, office and R&D development.

This marks the first time that people directly tied to the property have publicly said it is to be razed.

“Clearly Tom Gores' goal and our goal is that we find a solution that will be good for the community and make a positive economic impact and not let the property languish,” Arn Tellem, vice chairman of the Pistons, said in an interview with Crain's on Monday morning.