Once the Palace of Auburn Hills is torn down, Detroit Piston owner has plans to redevelop the land surrounding the arena.

According to WOOD, Pistons owner Tom Gores and formed a joint venture with Schostak Brothers & Co to fix up the area where the Palace is located after it gets demolished.

In 2017, the Pistons moved to the new Henry Ford Detroit Pistons Performance Center in D-Town. Even though they have played there a couple years, they will finally move the remaining team and business operations from the Palace to the new arena sometime this fall.

This is when the Palace will finally be taken down. The exact plans of have yet to be announced but once demolished, Schostak will come in and redevelop the location after the arena take down.

This new venture was announced Monday and there is already a mini model that shows the future of the location. Corporate offices, research and development companies will then be moved into the area.

This should create new jobs and opportunities for residents in the area.