Sterling Group Pockets $36 Million for Joe Louis Parking Deck in Detroit

Sterling Group’s quick sale of the Joe Louis Arena parking garage netted eight figures for the Detroit real estate company. Sterling Group purchased the property from the City of Detroit in a deal that became public in October 2019. The real estate company paid $2 million in cash to the city and reimbursed the city $12.1 million  for the demolition within the area. Detroit also saved $3 million on parking deck improvements, $4 million on remediation of the arena site, and about $7 million in tax-increment financing dollars.