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Thanks shove_it.

The Detroit News reports an Illinois developer is speaking with Wayne County officials about purchasing the 40-acre property for $974,000, the amount owed in unpaid taxes. "Bill Hults, of Evanston, Ill., told The Detroit News he’s leading a group of investors who want to rehabilitate the crumbling 3.5-million-square-foot plant and build housing nearby. To complete the transformation, Hults has retained the legendary architectural firm that built the complex in 1903, Albert Kahn Associates." Hults told The News his team of investors want to salvage as many of the 47 buildings on the property as possible. Physical work, such as adding barriers to the site, could begin within a week. The project could reportedly cost at least $350 million and span 15 years from beginning to completion.

$351 million for 3.5 million sq feet on 40 acres (1/4 x 1/4 mile), the only real gamble being, what does the future hold for a city which probably has already bottomed out.