The former home of the Pistons will be torn down starting this fall.
Schostak Brothers and Pistons owner Tom Gores have former a joint venture that will clear the 110 acre site of the Palace and put up a mixed-use development, tech and office park.
Employees of the Pistons who work at the Palace will move into the new Henry Ford Detroit Pistons Performance Center in Detroit this fall.
Shostak says the size and location of the Palace site will attract large users.
The land was rezoned in 2017 by Auburn Hills in anticipation of this kind of a development.