(WXYZ) — Chemical Bank has been awarded the naming rights to Cobo Center, the Detroit Regional Convention Facility Authority (DRCFA) said in a release.
The company and the DRCFA will announce the Convention Center's new name by the end of 2019. Officials say the center will "move toward becoming a self-sustaining facility by 2024; saving Michigan taxpayers millions of dollars."
Gov. Gretchen Whitmer will be on hand for the announcement with DRCFA Chairman Larry Alexander and several other city officials, business and community leaders.
While it's not clear what the announcement may be, Detroit Mayor Mike Duggan said last year that he wants the convention center to be renamed.
Money is the biggest reason - with a name like Cobo, there isn’t any revenue for the convention center.
“Cobo” has been the name of Detroit’s convention center for nearly 50 years, but one of the first signs that the name could change came back in August when Detroit Mayor Mike Duggan gave a bit of a history lesson at a Mackinac Island speech.
In January 2018, Cobo Center's GM said the process for renaming started about eight months ago, but an announcement never came last year.