Local

Packard Plant Deal Still Not Complete

View Comments
Packard Plant Pictures 11-15-2010 001

DETROIT (WWJ) – Still no money down for Detroit’s old Packard Plant… after the second place bidder for the plant failed to back up his bid this Thursday. But he’s been given a short reprieve.

Chicago-area developer William Hults has been granted an extension to come up with $2.3-million by Monday at 3pm. But Wayne County chief deputy treasurer David Szymanski says he has to put some money down by 3pm Friday afternoon.

“Mr. Hults has agreed to pay $100,000 as a non-refundable deposit and he’s also going to provide proof to the treasurer that he has access to additional funds to cover the remaining portion of the bid,” says Szymanski.

This after the county had to give up on first place bidder, Texas doctor Jill Vanhorn, who didn’t make a $2-million down payment on her winning bid of the plant.

As for Hults’ possible plans for the site, Szymanski says, “My understanding is he wants to do mixed-use. There’ll be some entertainment sites, some commercial, basically retail establishments and some housing within the property.”

“The good news is here we have stirred significant interest in Detroit so that we have a number of groups who seem to have focused in on assisting Detroit. People from outside Detroit who hopefully will bring resources with them and help us continue with the rebirth of the city,” says Szymanski.

And Szymanski adds that if Hults doesn’t pay, the plant could go to the next bidder in line.

View Comments
blog comments powered by Disqus
Follow

Get every new post delivered to your Inbox.

Join 2,066 other followers