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Cobo Center officially renamed the TCF Center

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A new change has finally come for Cobo Center. It will be officially known as the TCF Center.

Watch the live press conference here at 10 a.m.

The convention center's name has been under fire in recent years. Some have called its namesake, Albert Cobo, a racist for policies he enacted during his time as mayor.

Chemical Bank purchased the name rights to Cobo Center as part of a $33 million deal – that includes rights to the name for the next 22 years. Chemical Bank has also merged with TCF bank.

When it was announced the Cobo Center name would be no more, Mayor Duggan said he was all on board, citing the racist polices made by former Mayor Albert Cobo.

“The Cobo era was marked by the wiping out of African-American neighborhoods in the name of urban renewal," said Mayor Duggan. "It was an era that displaced African-American families in a way that was discriminatory and callous."

The celebratory block party is set to start soon after at 11:30 a.m.