In a few years, this will become The District Detroit (an arena district). It will include apartments, office buildings, park spaces, and retail/restaurants in over 45 blocks. Originally, developers planned to save and restore both historic structures, but as the design and work progressed on the new arena for the NHL Red Wings, they discovered this building made it difficult for the trucks to load and unload for concerts and events. The arena developer applied for demolition permits about four months ago. Many people didn't want to see any demolition, but sort of knew it would happen. Excavation (I guess you could say early construction) on the arena and entertainment district has already started.
In this early image, you can see both buildings still standing near the arena's service area (top center of image):

In this more recent image, you can see just one of the buildings still standing:

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I think Detroit has bottomed-out and is now on its way back up. Two or three wealthy businessmen are buying-up properties and converting them from low income senior housing or abandonment to luxury apartments and Class A offices. Also, several businesses have moved from the suburbs into Detroit's downtown area. They have a streetcar under construction, new sports arenas, beautiful restorations, upscale retail/restaurants moving-in, and some new construction. If this continues, in a few years, discussion on Detroit could change from "down-and-out" or "amazing ruins" to "greatest comeback story?" Right now, it's interesting to follow the progress.