(Reuters) - The Detroit Red Wings revealed plans for a new home on Sunday as part of a re-energizing of the Motor City's downtown core.

Olympia Development of Michigan announced in a report on the National Hockey League's website (NHL.com) plans to transform dozens of underutilized blocks between downtown and midtown Detroit into a sports and entertainment district.

The plans call for a new arena to replace the aging Joe Louis Arena that has been the Wings' home since 1979.

"It's always been my dream to see a vibrant and energized downtown Detroit," Red Wings owner Mike Ilitch said in a statement on NHL.com.

"I want people to look at Detroit's new sports and entertainment district and see what I see: the potential for something very special.

"I couldn't be more excited and proud to bring this vision to life."

The entire project has been estimated at costing $650 million.

Groundbreaking for the new arena is scheduled for later this year along with development of new, mixed-use neighborhoods in the district.

(Reporting by Steve Keating in Toronto; Editing by Larry Fine)