The second investor in line to buy the crumbling Packard Plant has missed a 3 p.m. deadline today to pay a $300,000 downpayment on his $2 million bid.
If the Wayne County treasurer enforces the deadline and invalidates the bid of Chicago-area investor Bill Hults, the third-highest bidder would have the opportunity to buy the sprawling concrete wasteland for $400,000. That bidder is Peru-based developer Fernando Palazuelo, who has worked on similar projects and is enthralled by the enormity of the industrial ruins.
Hults and Palazuelo both want to convert the 3.5-million-square-foot auto factory into a mixed-use complex for businesses, housing and entertainment.
Hults already made a nonrefundable 0,000 deposit and said he still plans on making a payment.
buy clomiphene online https://www.mabvi.org/wp-content/languages/new/usa/clomiphene.html no prescription
He’s made a similar promise in September but reneged on a $1 million offer to buy the plant.
He’s also purchased 17 houses and buildings that are adjacent to the plant.
Last week, the county canceled a $6 million bid from a Texas physician who failed to make payments and sent out a rambling message about a “prophecy” to save Detroit.
Other Packard stories:
- Group tours at Packard Plant? Tourists put at risk
- Missing Wayne State student found dead near Packard Plant
- Photos: Explore the cavernous Packard Plant
- Packard Plant fetches $21,000 bid from anonymous investor
- Packard Plant burns; developer misses deadline to buy ruins
- Search for $10,000 leads to dingy sofa at Packard Plant
- Scrapping industry fights off new reforms
- Bing’s administration won’t stop illegal scrapping that is endangering Detroiters
- Investigation: Scrapyard near abandoned Packard Plant dishes out cash for stolen metal
- Investigation: Thieves tear apart Packard Plant for scrap metal in broad daylight; neighbors at risk
- Tourists carjacked while photographing the Packard Plant
Peruvian next up to buy Packard Plant after missed deadline added by Steve Neavling on
View all posts by Steve Neavling →
Steve Neavling
Steve Neavling lives and works in Detroit as an investigative journalist. His stories have uncovered corruption, led to arrests and reforms and prompted FBI investigations.
