DETROIT >> Pistons owner Tom Gores and Schostak Brothers & Co. are forming a joint venture to redevelop The Palace of Auburn Hills and its surrounding land and the arena is expected to be demolished.

The Pistons moved from The Palace and begin playing in their new downtown arena in 2017. They are preparing to move remaining team and business operations from The Palace to the new Henry Ford Detroit Pistons Performance Center in Detroit, which is scheduled to be finished this fall.

Once that transition is complete, The Palace is expected to be demolished, although that is still in the planning stages and the exact timing isn’t certain, according to a person familiar with the plans. The person spoke to The Associated Press on condition of anonymity because specific plans have not been announced.

Schostak handles joint ventures, build-to-suit projects, mixed-use developments and retail.

The Pistons announced the joint venture with Schostak today, and said a future mixed-use development is expected to include corporate office, research and development and technology companies.