Bloomfield Hills lawyer H. Wallace Parker and his company, Silver Stallion have been approved for the $20 million sale of the Pontiac Silverdome by City Council. He previously had bid $7 million in 2007 but it was turned down even though it would have eliminated the deficit in the city budget and offered an immediate revenue stream. The city decided instead to reject all previous bids and put the property back on the market.
The former home of the Detroit Lions has been without a good use since 2002. with it being empty the town has been paying $2 million in upkeep a year for the facility which is adding to the city’s budget deficit.
His proposal includes destination dining and entertainment tailored to the 30 plus set. A hotel and conference center, retail stores, and a thoroughbred racetrack round out the offerings aimed at visitors. However an equine research and development facility and an alternative energy research site would also be included. He would also like to include slots making the race track a true racino. However right now there are no permits for the track and the slots would require voter approval.
The proposed changes will run just short of $200 million and will be funded by a combination of Parker’s own money, his partner business partner Richard Mazur’s money, and institutional investors. Parker has said he will immeditely start booking events after the closing of the sale.
Parker has a dream of bringing back the joy he recalls watching kids at the horse shows with hands so small they couldn’t really clap, even though they tried. The joy and wonder is what he wants to bring back to the Silverdome. People seem to think he’s a gambler with the racino but he dmits to liking sure bets over anything else. Parker and the city have 90 days to close the sale.