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 $100,000 deposit and said he still plans on making a payment. 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.
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
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.