AUBURN HILLS, Mich. (WWJ) -- The former home of the Detroit Pistons is reportedly about to be sold.
Crain's Detroit Business reported Wednesday that Schostak Bros. & Co. is under contract to purchase the Palace of Auburn Hills. Schostak Bros. is a prominent real estate company based in Livonia, known best for building the Macomb and Oakland Malls, as well as the Beaumont property at Woodward and 13 Mile Road.
It is unknown how much the company is paying for the arena and 100 acres of land that come with it.
Crain's reports the arena is expected to be torn down, making way for new office and tech buildings to be constructed for new tenants.
The deal has not been publicly announced, and Auburn Hills Mayor Kevin McDaniel tells WWJ he is unsure what will happen.
"We know that several developers have inquired about the property; I know Schostak to be one of them," McDaniel told WWJ. "But other than that, I don't know whether it's been confirmed that they actually are in some sort of purchase agreement."
McDaniel says the city has re-zoned the Palace property for high-tech and research, wich the city sees "high value" in.
The Pistons moved out of the Palace and into Little Caesars Arena in Downtown Detroit after the 2016-17 season.
Bob Seger played the last concert at the Palace on Sept. 23, 2017.