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December 5, 2012 | 10:20am ET
New arena in Detroit?

Red Wings owner Mike Ilitch's Olympia Development group is pitching its plans for a new downtown arena in Detroit worth $650 million, the Detroit Free Press reports.

On Tuesday, the proposal had already made progress as a 5-0 bipartisan vote gave the Olympia Development group legislation to facilitate the development.

"It's always been my dream to once again see a vibrant downtown Detroit," Ilitch said in the statement. "From the time we bought the Fox Theater, I could envision a downtown where the streets were bustling and people were energized. It's been a slow process at times, but we're getting there now and a lot of great people are coming together to make it happen. It's going to happen and I want to keep us moving toward that vision."

The plan is to build a multi-purpose arena that would also include shopping, residences and office space that would create thousands of jobs and generate $1.8 billion in economic impact.

A hockey arena to replace the old Joe Louis Arena has been on Ilitch's wish list for quite some time. No further details on a timetable or additional financing for the 35-acre project were given by Olympia Development group at the moment.

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