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Development Deal Reached to Sell Packard Plant for $1 Million

Posted September 18, 2013 8:00 AM by dstrohl
Pathfinder Tags: detroit manufacturing packard plant

A Chicago-area developer has agreed to buy the former Packard manufacturing plant in Detroit for nearly $1 million in unpaid taxes, and has been given permission to begin securing the 40-acre property, according to the Wayne County Treasurer's office.

Developer Bill Hults had until the end of the day Thursday, September 12, to place the $1 million payment in escrow, according to Deputy Treasurer David Szymanski. "I'm cautiously optimistic" that the deal with go forward without a hitch, Szymanski said. He said Hults intends to create a commercial, residential and entertainment complex from the vacant and deteriorating factory buildings, which the county seized for non-payment of taxes. "It's going to be an oasis of urban living - a gated community of some sort," Szymanski said.

Read about the plant's fate on Hemmings.

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#1

Re: Development Deal Reached to Sell Packard Plant for $1 Million

09/18/2013 9:56 AM

That is a risk, even at $1,000,000.00......... especially with a failing infrastructure, and no real plan in sight for rebuilding the infrastructure from the city ...... except for the bankruptcy

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#2

Re: Development Deal Reached to Sell Packard Plant for $1 Million

09/19/2013 8:54 AM

Call me a pessimist but I believe the environmental considerations of this site will entail a huge risk on any developer.

The EPA will probably keep any active development for occurring for at least 20 years while they "study" cleanup requirements.

Hooker

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In reply to #2

Re: Development Deal Reached to Sell Packard Plant for $1 Million

09/19/2013 9:05 AM

A not so funny thing about government agencies as of late such as the EPA, Detroit is hosed, I really don't think the EPA will do its responsibility due to political pressures when weight up against the areas economics.

I had work at a shipyard which is now condominiums, It was in business for 100 years, Prior to having a HAZMAT. the chemicals that where spilled through out the yard is unfathomable, not to mentioned the accidents that went unreported.

I often wondered how this could have happened...... well, not really.

A future remark from the New Condo owners: "....... what's that stuff seeping from our blacktop?"

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