Peruvian next up to buy Packard Plant after missed deadline

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.
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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:

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.