DETROIT (WWJ) – Going once! Going twice! Finally sold!
It’s taken months, but the sale of the old Packard Plant property is complete.
Fernando Palazuelo, of Peru, now owns the site — which spans more than 40 acres on Detroit’s east side.
The third-place bidder in a Wayne County auction, Palazuelo paid $405,000 — after two other bids fell through.
“We have received the payment in full,” Wayne County chief deputy treasurer David Szymanski told WWJ Newsradio 950’s Beth Fisher. “The deed has been issued.”
Szymanski said the deed does require that the taxes be kept current on the property and that progress be made in relation to demolition or redevelopment of the site.
The sale comes after, in September, a Texas doctor’s $6 million top bid was thrown out when she and her group of investors failed to come up with the cash. The second place bidder, Chicago developer William Hults, then paid $200,000 in non-refundable deposits but then failed to come forward with the remaining $1.8 million in time.
The dilapidated plant, located along East Grand Boulevard, has not been used for car production since the 1950s. As the years passed, the property increasingly became the target of arsonists, thieves, metal scrappers, urban explorers and graffiti artists.
What will Palazuelo do with it?
“He’s exploring options,” said Szymanski. “My understanding is he’s looking at making it a multi-use facility. There’ll probably be some residential area, some office space, some retail.”