(DETROIT FREE PRESS) - Detroit's Downtown Development Authority voted today to approve a memorandum of understanding with the Ilitch organization to build a new multipurpose arena and events center on the north end of downtown.

The site is a multiblock area on the west side of Woodward just north of I-75.

Rumored for years and in serious negotiations for months, the multipurpose arena would serve as a new home for the Detroit Red Wings.

Total cost of the project including spin-off development is about $650 million, with private money paying for a little more than half of it.

The deal is tentative and what officials called a "framework" for a final deal. Multiple steps have to be concluded before the deal is final.