Officials from the city of Detroit and the Detroit Redwings ice hockey team have announced plans to build a US$650m (£421m, €497m) arena for the NHL team in downtown Detroit.

The proposed 18,000-seater arena would be a replacement for the Joe Louis Arena, which has been home to the Red Wings since 1927.

The Red Wings have stated that there will be US$367m (£238m, €280.5m) in private investment, while US$283m (£183.5m, €216.3m) in public funds will go towards the complex, which would also include a residential and retail area in addition to office space.

Developers of the project have said that public money will come from the existing economic development fund and would require no new taxes or funds from Detroit, which is the largest city in the country to be under state financial oversight. This means an emergency manager has been put in place to oversee the cities finances, which currently stand at US$14bn (£9bn, €10.7bn) in long-term debt.

The proposed arena would sit at Interstate 75 and Woodward Avenue, near the Detroit Tigers baseball team's Comerica Park and the Detroit Lions American football team's Ford Field.