DETROIT - The new $450 million Red Wings arena will now be called the 'Detroit Events Center' during construction.

It's only going to host hockey 33 percent of the time, according to Olympia Development of Michigan contractor Richard Heapes.

Prior to a Detroit Historic District Commission vote in favor of demolishing the Park Avenue Hotel, which currently stands inside the boundaries of the 12-acre planned development zone for the $450 million arena and $200 million entertainment district, Heapes laid out the plan for what's called a "catalyst" to Cass Corridor.

According to Heapes, the 785,000-square-foot, 20,000-seat arena will host a number of events year-round, including other sporting events, concerts and things like circuses.

Thus, the Detroit Events Center will be the "centerpiece" of redevelopment in that area, according to Olympia.

Heapes said the arena is a catalyst for what Olympia is calling District Detroit, an imagined 50-block area of redevelopment that's all tied to the arena project.

Further, the new rink is "not The Joe," he said. It's bigger, more accessible, integrated into the neighborhood and just prettier.

It'll be easily used for much more than just hockey, too, Heapes said.

Olympia said in a press release that the arena will open in 2017. Excavation on the site of the Detroit Events Center is halfway done.

Foundation work for the arena will begin in June, and utilities work will wrap in July.

"Seeing the transformation that is taking place on this critical stretch of Woodward Avenue is exciting," Steve Marquardt, vice president of Olympia, said in a release. "We are working hard to create one of the world's premier urban environments, featuring a Detroit-fueled arena design that's great for fans and visitors, a neighborhood-friendly profile and active shops, offices and public spaces. The District Detroit will be a connector for the great things that are happening in our city."

The arena is designed to be more accessible. It's sunk into the ground and has attached office and commercial space that makes it a round-the-clock venue.

The surrounding entertainment district will function in part as a public park.

"The new arena will set the standard for the things that make a fan experience unforgettable: proximity to the action, sight lines, amenities and technology. Fans are going to love this newer, personalized experience - it will be a very exciting place to be," Tom Wilson, president of Olympia, said in a release.

The project will redevelop a big portion of land that's been owned by the Ilitch family, who own Olympia, for years.

It is the fact that the project is landing between these two parts of Detroit - areas where development has been most prevalent - that has led city and state officials to justify the use of public money in helping to fund the $650 million project.

The $650 million development project is to be funded with a mix of $365.5 million in private investment and an estimated public investment of $284.5 million.

According to Olympia, the project will have an economic impact of at least $1.8 billion, while creating thousands of jobs, some of which will be permanent. The arena alone will create 8,300 construction and related jobs, in addition to 1,100 permanent jobs, according to the company.

Olympia has promised that 51 percent of the construction work on the site will be done by Detroiters.

The Detroit City Council wanted -- but did not get -- assurances from Olympia that once the arena and district are built, Detroiters will be employed in the various positions created.

Ian Thibodeau is the business and development reporter for MLive Media Group in Detroit. He can be reached at ithibode@mlive.com, or follow him on Twitter.