DETROIT (WWJ) – It remains to be seen whether Chicago developer Bill Hults will buy Detroit’s defunct Packard plant.
As of the close of business Monday, Wayne County Chief Deputy Treasurer David Szymanski said Hults had not paid the required $300,000 toward the purchase.
Szymanski said he planned to talk to the treasurer on Tuesday about next steps if the money isn’t received later Monday night.
If he does come through with the cash, Hults will have until next Tuesday to pay the $1.6 million balance.
This comes after, last Friday, Hults made a $100,000 down payment toward the $2 million purchase price of the dilapidated property along East Grand Boulevard in Detroit.
Hults had the back-up bid after the top bidder, a Texas doctor, failed to pay up.
Hults reportedly wants to turn the 35-acre site into a mixed-use development that includes retail, entertainment and housing.
Szymanski said if Hults fails to pay, the plant could go to the next bidder in line.
“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,” Szymanski said. “People from outside Detroit who hopefully will bring resources with them and help us continue with the rebirth of the city.”
The plant — a frequent target for arsonists, graffiti artists and urban explorers — has not been used for car production since the 1950s.