Detroit Red Wings' new arena cost jumps by $105M to $733M
DETROIT (AP) Officials say the cost of building the Detroit Red Wings' new arena has jumped by $105 million to nearly $733 million.
The city's Downtown Development Authority says the revised estimate to build the Little Caesars Arena for the NFL team reflects the specific cost of materials, permits, design refinements and subcontractor agreements. The Detroit News (http://detne.ws/2eAzo3L ) says city documents indicate other construction costs could rise.
Officials say the revision doesn't indicate massive cost overruns nor that taxpayers will face additional expenses.
Construction began last year and the venue is scheduled to open next fall.
The owner of the Detroit Pistons has said that team is close to a deal to move the NBA franchise and suggested it could also play at Little Caesars Arena next season.
This story has been corrected to show the price of the stadium rose from $627.5 million to nearly $733 million, not from $105 million to nearly $733 million.
Information from: The Detroit News, http://detnews.com/