Back-Up Bidder On Packard Plant Makes $100K Down Payment
DETROIT (WWJ) – The Wayne County Treasurer’s office has received a $100,000 down payment which was required Friday to buy the old Packard plant on Detroit’s east side.
Chicago area developer, William Hults made the $100,000 down payment toward the $2 million purchase price of the dilapidated Packard plant along East Grand Boulevard in Detroit.
He missed a 3 p.m. Friday deadline, but the Wayne County Treasurer’s office gave him a little more time Friday afternoon to bring in the certified funds.
“He did contact the office shortly after 3 o’clock indicating he was closing up on getting the funds – certified and would have them to us shortly,” said Deputy Chief Treasurer for Wayne County, Dave Szymanski.
“By Monday he is to pay us the remaining one point nine million dollars in relation to the transaction,” said Szymanski. “And we await his performance.”
Hults had the back-up bid – the first bid accepted was from a Texas doctor who failed to make payments toward her $6 million dollar offer to buy.
Hults reportedly wants to turn the 35-acre land into a mixed-use development that includes retail, entertainment and housing.