Business

Palace of Auburn Hills sold, set to be demolished fall 2019

MICHIGAN CHRONICLE — The Palace of Auburn Hills opened in 1988. This fall, it is scheduled for demolishment. Detroit Pistons Owner Tom Gores and Livonia-based Schostak Brothers & Company announced the formation of a joint venture to redevelop the Palace of Auburn Hills and its surrounding land. Schostak Brothers will serve as the lead partner and manage the future mixed-use development, which is expected to include corporate office, research & development and technology companies.

Published

7 years ago

July 20, 2019

Branden Hunter

By Branden Hunter

The Palace of Auburn Hills opened in 1988. This fall, it is scheduled for demolishment.

Detroit Pistons Owner Tom Gores and Livonia-based Schostak Brothers & Company announced the formation of a joint venture to redevelop the Palace of Auburn Hills and its surrounding land. Schostak Brothers will serve as the lead partner and manage the future mixed-use development, which is expected to include corporate office, research & development and technology companies.

In 2016, when Gores announced the Pistons’ return to the City of Detroit, he emphasized the importance of transitioning The Palace in a way that would benefit the region long term.

“We promised the people of Auburn Hills and Oakland County that we would find a solution that would be good for the community and make a positive economic impact,” said Gores. “Partnering with a proven, well-respected developer like Schostak Brothers is an important step in delivering on that promise.”

Gores said he retained a vested interest in the project because he believes strongly in the potential of the site and the future of the region.

“Auburn Hills has been a great home to our franchise for a long time,” he added. “This investment will allow us to stay connected in a way that will create new opportunities for people who live and work in the area.”

Schostak Development President Jeffrey Schostak said he views The Palace property as one of the premier parcels of real estate in me

Detroit based on its location in a growing area of northern Oakland County and its excellent accessibility on and off I-75.

“Schostak Brothers is ready to take the lead and use our expertise in complex redevelopments to create a new and exciting next chapter for The Palace and its surrounding property,” said Schostak. “We are looking forward to working with Tom Gores’ organization and our partners at the City of Auburn Hills, Oakland County and the State of Michigan on this project, and we’re excited about the prospects for this site.”

Schostak Brothers & Company, a fourth-generation family business, has held a development footprint in Michigan for nearly 100 years. Since 1920 and throughout the company’s long history, the firm has executed development, acquisitions and leasing of retail, office, industrial, residential and mixed-use projects in both urban and suburban settings. The company’s current activities include joint ventures, build-to-suit projects, mixed-use developments and necessity-based retail in 30 states.

Detroit Pistons Vice Chairman Arn Tellem said finding a partner with strong local community presence was a priority.

“We want to work with people who are truly invested in the community and are committed to maximizing the potential of the site,” said Tellem. “Schostak Brothers is a strong, recognized name in the local real estate landscape. They also have national reach and a strong track record of delivering results, which makes them the ideal partner.”

A specific timeline for the development has not been announced. The Pistons organization is preparing to move its remaining team and business operations from The Palace to the new Henry Ford Detroit Pistons Performance Center in Detroit, which is on schedule to be completed this fall.

Auburn Hills Mayor Kevin McDaniel lauded the sale and subsequent partnership between Schostak Brothers & Company and PS&E as a ‘win-win-win’ for the City of Auburn Hills, its business community, and its residents.

“There has been great cooperation and collaboration with the Pistons organization since the team announced it was moving to Detroit,” said Mayor McDaniel. “Recognizing the probability that the property would not continue as an arena, an internal planning activity took place within the City to establish the highest and best use for the land. News of this joint venture with Schostak Brothers aligns with a future for the property that is beneficial to the city while fostering innovation and job creation. We are enthusiastic about the redevelopment potential and what is expected to be an outcome that provides for future expansion of the city’s corporate business community.”

The Pistons played their final game at the Palace in April 2017, before moving into Little Caesars Arena in downtown Detroit for the 2017-2018 season.

This article originally appeared in the Michigan Chronicle.

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The printed Weekly Edition of the Oakland Post: Week of April 1 – 7, 2026

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Financial Wellness and Mental Health: Managing Money Stress in College 

While everyone’s financial situation is unique, several common sources of stress have the potential to strain your financial health. These include financial and economic uncertainty, existing debts, unexpected expenses, and mental or physical health changes. Financial stress may differ from situation to situation, but understanding the factors contributing to yours may help you begin to craft a plan for your unique circumstances.

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3 weeks ago

March 17, 2026

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Sponsored by JPMorganChase

As a college student, managing financial responsibilities can be stressful.

If you’ve found yourself staying up late thinking about your finances or just feeling anxious overall about your financial future, you’re not alone. In one survey, 78% of college students who reported financial stress had negative impacts on their mental health, and 59% considered dropping out. While finances can impact overall stress, taking steps to manage your finances can support your mental, emotional and physical well-being.

When it comes to money, the sources of stress may look different for each student, but identifying the underlying causes and setting goals accordingly may help you feel more confident about your financial future.

Consider these strategies to help improve your financial wellness and reduce stress.

Understand what causes financial stress

2. Determine your financial priorities

Start by reflecting on your financial priorities. For students this often includes paying for school or paying off student loans, studying abroad, saving for spring break, building an emergency fund, paying down credit card debt or buying a car. Name the milestones that are most important to you, and plan accordingly.

3. Create a plan and stick to it

While setting actionable goals starts you on the journey to better financial health, it’s essential to craft a plan to follow through. Identifying and committing to a savings plan may give you a greater sense of control over your finances, which may help reduce your stress. Creating and sticking to a budget allows you to better track where your money is going so you may spend less and save more.

4. Pay down debt

Many students have some form of debt and want to make progress toward reducing their debt obligations. One option is the debt avalanche method, which focuses on paying off your debt with the highest interest rate first, then moving on to the debt with the next-highest interest rate. Another is the debt snowball method, which builds momentum by paying off your smallest debt balance, and then working your way up to the largest amounts.

5. Build your financial resilience

Some financial stress may be inevitable, but building financial resilience may allow you to overcome obstacles more easily. The more you learn about managing your money, for instance, the more prepared you’ll feel if the unexpected happens. Growing your emergency savings also may increase resilience since you’ll be more financially prepared to cover unexpected expenses or pay your living expenses.

6. Seek help and support

Many colleges have resources to help students experiencing financial stress, like financial literacy courses or funds that provide some assistance for students in need. Talk to your admissions counselor or advisor about your concerns, and they can direct you to sources of support. Your school’s counseling center can also be a great resource for mental health assistance if you’re struggling with financial stress.

The bottom line

Financial stress can affect college students’ health and wellbeing, but it doesn’t have to derail your dreams. Setting smart financial goals and developing simple plans to achieve them may help ease your stress. Revisit and adjust your plan as needed to ensure it continues to work for you, and seek additional support on campus as needed to help keep you on track.

 JPMorgan Chase Bank, N.A. Member FDIC