Palace Under Contract for Sale

**401don** · April-10-19, 04:07 PM

https://www.freep.com/story/money/20...rs/3425997002/

Obviously there is a non-compete clause so that it can't be a sports/concert arena. Does anyone see any other uses where the venue is maintained and not torn down?

**313WX** · April-10-19, 04:26 PM

From the Freep comment section, FWIW.

"I hear Art Van bought it and is planning on locating their seat cover Factory there.
They're just trying to get Piston ownership to foot the moving bill."

**Bham1982** · April-11-19, 07:00 AM

Bobby Schostak bought it. Almost certainly will be torn down for auto logistics or supplier space.

**southen** · April-11-19, 10:51 AM

They will tear it down, announce what will go there, then it will sit there without any movement if their recent track record is any indication.

**Bigb23** · April-13-19, 09:56 PM

Originally Posted by southen

They will tear it down, announce what will go there, then it will sit there without any movement if their recent track record is any indication.

The Schostak Brothers will sit on it for years, if their local retail endeavors are any indication.

**Bigb23** · April-13-19, 10:07 PM

And why do brand new arena's have a shelf life of only 20 + years ???

Tear it down.

Tear it down

Tear it down.

Trump chant.

**O3H** · April-13-19, 10:41 PM

So no one wants a new convention "place" in Pontiac for 2020 ?
There is a new Film Production company in Pontiac, great media outlet.

**Richard** · April-14-19, 09:45 AM

Originally Posted by Bigb23

And why do brand new arena's have a shelf life of only 20 + years ???

Tear it down.

Tear it down

Tear it down.

Trump chant.

Florida taxpayers had to cough up for 3 new spring training stadiums or camps.

100 million plus each,for a diamond to practice on a few months out of the year and when you drive by there are about 50 spectators in the stands at best when they practice.

When pressed non-compete clauses are hard to uphold.anything built with taxpayer funding should show a percentage going back into the taxpayer pockets.

Maybe that’s why they replace them so frequently,they have received a payback on the percentage that they actually invested and can have a shiny new venue with only a 30% self investment.

It like buying a new 200k house every ten years,if you are only $30k out of pocket,why not?

**401don** · April-14-19, 09:52 AM

Originally Posted by Richard

Florida taxpayers had to cough up for 3 new spring training stadiums or camps.

100 million plus each,for a diamond to practice on a few months out of the year and when you drive by there are about 50 spectators in the stands at best when they practice.

When pressed non-compete clauses are hard to uphold.anything built with taxpayer funding should show a percentage going back into the taxpayer pockets.

Maybe that’s why they replace them so frequently,they have received a payback on the percentage that they actually invested and can have a shiny new venue with only a 30% self investment.

It like buying a new 200k house every ten years,if you are only $30k out of pocket,why not?

Yeah, the amount Florida gov't is spending on these new spring training complexes is nuts. They have these high tech training and rehab facilities for the major league clubs. Half the teams are already in Arizona so I don't think the other half were going anywhere. Of course they mostly use tourist taxes to generate the revenue.
The Palace was one of the last arenas build with all private funds however.

**Richard** · April-14-19, 07:31 PM

Nine other big league teams play their spring games within a two-hour drive of St. Pete/Clearwater: Atlanta Braves [[Lake Buena Vista), Boston Red Sox [[Fort Myers), Baltimore Orioles [[Sarasota), Detroit Tigers [[Lakeland), Houston Astros [[Kissimmee), Minnesota Twins [[Fort Myers), Tampa Bay Rays [[Port Charlotte), New York Yankees [[Tampa) and Pittsburgh Pirates [[Bradenton).

Then there is the Toronto Blue Jays,Philadelphia etc.

Thanks for the additional facts about the Palace being privately funded,it does show that it could be done.

It would look like that the Palace as a venue is going to be secondary and the value is in the land,my guess is it will go the route of the recently demolished domed one.

Correctly placed venues do help drive tourism dollars and improve quality of life for residents but in that case if they go after the R&D,research,light manufacturing and industrial it may be a bigger win for the region as a whole.

**O3H** · April-15-19, 10:53 AM

Pontiac is not exactly the ""desired"" place for much these days.
The media pegged it as Oakland County's poorest city.

"What's left is a city that has been steadily losing population since the 1970s, falling from more than 85,000 to less than 60,000. Of those residents, 35.7% live in poverty, according to census data. More than half of the city's children are in poverty. The median household income is $28,505."

Build a business and have people move there to work and raise a family - Good Luck on that

**Gistok** · April-15-19, 11:09 AM

The Palace is in Auburn Hills....

**iheartthed** · April-15-19, 11:34 AM

Originally Posted by Richard

Correctly placed venues do help drive tourism dollars and improve quality of life for residents but in that case if they go after the R&D,research,light manufacturing and industrial it may be a bigger win for the region as a whole.

I hope they won't do something dumb like try to maintain it as a entertainment venue. A manufacturing facility sounds perfect for reuse of that land.

Tear that schitt down.

**sirrealone** · April-15-19, 12:04 PM

There was a stipulation in the agreement for the Pistons to move to LCA that the Palace could no longer host concerts or other events that would potentially compete with LCA. In other words, leaving it open as an entertainment venue was not an option. I would assume that's enforceable through a sale.

I'm assuming the Palace will be torn down.

**Gistok** · April-15-19, 12:12 PM

Everyone knows of old movie theatres/palaces that were subdivided into smaller theatres... such as the 2500 seat Woods Theatre near Moross/Mack that became the "Woods/6" before it was torn down.

Too bad that the Palace is too large to subdivide into "stadium seating" smaller movie theatres. Not sure that would run afowl of the "no entertainment" clause in the sale. It's way too large for that though... "Palace/40" wouldn't be practical...