Ilitch proposes $650M project housing Red Wings

Ilitch said he's proposing a "substantial investment in the development of a new residential, retail, office and entertainment district in downtown Detroit."

Ilitch long has said he wants to build a new downtown home for the Red Wings, who now play at Joe Louis Arena, and spokeswoman Sandra van Meek said the proposed development would include a replacement for Joe Louis, which was built in 1979.

Ilitch said the focus of the district would be a "state-of-the-art, multipurpose events center."

Detroit Mayor Dave Bing said he was "very pleased the Ilitch organization is exploring another significant development project that would continue the ongoing transformation of Detroit's downtown and Midtown communities.

"A development of this magnitude, anchored by a world-class, multipurpose events center, would be a vital contribution to a more vibrant downtown and the strengthening of our city's economy."