The Palace, despite being 29 years old at its closure, is still in top condition as a sporting and concert venue. However, it is located in a northern suburb, relatively far away from the city center, in light of the growing trend of ''walkable urbanism'' where the Pistons want to grow their fanbase. While there have been no official confirmations as of yet, the Palace is expected to be demolished, where it could be redeveloped to accommodate new auto supplier headquarters and research and development parks.

Is the following statement correct based on the text

is the palace of auburn hills still standing
yes