Posted on 07/17/2013 7:17:09 PM PDT by shove_it
DETROIT, MI - The long-abandoned former Packard Automotive Plant, one of the largest empty buildings in the country, is reportedly close to being saved from the county foreclosure auction block.
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.
From The News:
“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.
Vacant and in disrepair for about two decades, the former automotive factory on Detroit’s east side had been headed for county foreclosure auction this fall, Wayne County Deputy Treasurer David Szymanski confirmed in May.
The property would have a beginning bid of about $974,000 (the amount of taxes owed) for its 43 parcels.
The Packard Plant has been an iconic part of Detroit’s “ruin porn," in which tourists and others gawk at and take photos of the city's abandoned and blighted buildings. It was designed by Albert Kahn and built in 1903.
The Packard Motor Car Company manufactured luxury vehicles there until 1958. Other businesses had been using the property of storage until the 1990s, when it was left completely vacant. From there, scrappers moved in and gutted what they could, while graffiti artists and others have since used the property as an urban canvas and playground.
The former Packard Plant property was foreclosed on in March. Its most-recent owner is listed as a Warren-based business called Bioresource.
Here’s a link to the Detroit News article ...
http://www.detroitnews.com/article/20130717/METRO01/307170043/1409/METRO
An abandoned Packard plant. In Detroit. Go figure.
/s
Future Mosque?
The private investing is OK. If private investors are stupid enough to pour money down a rat hole, let ‘em.
But its the million (hundreds of millions) of PUBLIC money being wasted at trying to solve Detroit’s financial screw-ups that is a real shame.
Not really all that different from the old mills of New England (including Old Town Canoe).
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.
But he'll need to restore the buildings, not raze them. Newbuilds have no hipster appeal.
Purchase the brand name too.
Packard Place sounds good.
Bring back the PACKARD car. /s
How about a hog rendering plant?
http://nighttraintodetroit.com/wp-content/uploads/2010/01/packard-plant.jpg
http://katwest.com/images/detroit/kw_packard_plant.jpg
really good cars, but Packard just would not change with times,people wanted V8 engines, and Packard would only give them a beautiful running straight 8. So people quit buying Packard despite the fact they were a really well built car.
Whoops, thanks cc.
One thing that is helping is the fact that the city council is losing their death grip on business.
Tea party and GOP conservatives are also talking to the city unions about alternative free market alternatives to Obamacare that will save the city millions. AFP has also been conducting “raids” in democrat held territory.
Perhaps, but keep in mind that location is everything. Detroit is bound to become one of the hottest tourist destinations any day now.
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