Several Detroit businessmen organized the Detroit Hockey Club, Inc. in 1926 and purchased the Victoria Cougars hockey team, along with a site at the corner of Grand River Avenue and McGraw Street to construct an arena and engaged Detroit-based Walbridge Aldinger as general contractor.

[10] In July 1926, the Detroit Hockey Club unveiled drawings for the Olympia Stadium to be built on the site.

[13][14] Shortly thereafter, the primary tenants of the building, the NHL Cougars, began their long residence.

The Cougars played their first game at the Olympia on November 22, 1927, and Detroit's Johnny Sheppard scored the first goal at the new building.

The Cougars later became the Falcons and finally, in 1932, were named the Detroit Red Wings by new owner James E.

[19] The Olympia was also a major venue for boxing through the International Boxing Club (featuring such prominent fights as Jake LaMotta's defeats of Sugar Ray Robinson) and professional wrestling, as well as other events such as the 1931 American Legion Convention which was addressed by President Herbert Hoover, and regular visits by the Harlem Globetrotters, Ice Capades, Shipstads and Johnson Ice Follies.

[26] The city of Detroit would counter with a proposed riverfront arena for much less rent that Pontiac was seeking.

[27][28] On December 15, 1979, three days after the first event held at Joe Louis Arena, the Red Wings played their final home game at the Olympia, a 4–4 tie against the Quebec Nordiques.

[31] The building was 107 feet (32.6 m) tall and constructed of a steel frame faced with red brick with brown terra cotta and stone trim in a Romanesque Revival style.

The ground level through which patrons entered and featured a concourse that circled the seating area.