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Developers reportedly in purchase talks for Detroit's long-abandoned Packard Plant
Mlive ^ | 17 Jul 2013 | David Muller

Posted on 07/17/2013 7:17:09 PM PDT by shove_it

DETROIT, MI - The long-abandoned former Packard Automotive Plant, one of the largest empty buildings in the country, is reportedly close to being saved from the county foreclosure auction block.

The Detroit News reports an Illinois developer is speaking with Wayne County officials about purchasing the 40-acre property for $974,000, the amount owed in unpaid taxes.

From The News:

“Bill Hults, of Evanston, Ill., told The Detroit News he’s leading a group of investors who want to rehabilitate the crumbling 3.5-million-square-foot plant and build housing nearby. To complete the transformation, Hults has retained the legendary architectural firm that built the complex in 1903, Albert Kahn Associates.” Hults told The News his team of investors want to salvage as many of the 47 buildings on the property as possible. Physical work, such as adding barriers to the site, could begin within a week. The project could reportedly cost at least $350 million and span 15 years from beginning to completion.

Vacant and in disrepair for about two decades, the former automotive factory on Detroit’s east side had been headed for county foreclosure auction this fall, Wayne County Deputy Treasurer David Szymanski confirmed in May.

The property would have a beginning bid of about $974,000 (the amount of taxes owed) for its 43 parcels.

The Packard Plant has been an iconic part of Detroit’s “ruin porn," in which tourists and others gawk at and take photos of the city's abandoned and blighted buildings. It was designed by Albert Kahn and built in 1903.

The Packard Motor Car Company manufactured luxury vehicles there until 1958. Other businesses had been using the property of storage until the 1990s, when it was left completely vacant. From there, scrappers moved in and gutted what they could, while graffiti artists and others have since used the property as an urban canvas and playground.

The former Packard Plant property was foreclosed on in March. Its most-recent owner is listed as a Warren-based business called Bioresource.



TOPICS: Business/Economy; Culture/Society; Government; News/Current Events; US: Illinois; US: Michigan
KEYWORDS: albertkahn; bioresource; detroit; evanston; illinois; michigan; packard; waynecounty
Sounds like a pipe dream at best, a scam at worst.
1 posted on 07/17/2013 7:17:09 PM PDT by shove_it
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To: shove_it; cripplecreek

Here’s a link to the Detroit News article ...

http://www.detroitnews.com/article/20130717/METRO01/307170043/1409/METRO


2 posted on 07/17/2013 7:18:54 PM PDT by shove_it (long ago Orwell and Rand warned us about 0bama's America)
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To: shove_it

An abandoned Packard plant. In Detroit. Go figure.

/s


3 posted on 07/17/2013 7:19:13 PM PDT by Responsibility2nd (NO LIBS. This Means Liberals and (L)libertarians! Same Thing. NO LIBS!!)
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To: Responsibility2nd
My dad had a couple of Packards,
Back in their day, they were strong contenders...
4 posted on 07/17/2013 7:23:57 PM PDT by Eric in the Ozarks (NRA Life Member)
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To: shove_it

Future Mosque?


5 posted on 07/17/2013 7:24:50 PM PDT by Pikachu_Dad (Impeach Sen Quinn)
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To: Springman; cyclotic; netmilsmom; RatsDawg; PGalt; FreedomHammer; queenkathy; madison10; ...
Like it or not, there is a lot of private investing going on in Detroit.

Image Hosted by ImageShack.us

Michigan legislative action thread
6 posted on 07/17/2013 7:25:49 PM PDT by cripplecreek (REMEMBER THE RIVER RAISIN!)
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To: cripplecreek

The private investing is OK. If private investors are stupid enough to pour money down a rat hole, let ‘em.

But its the million (hundreds of millions) of PUBLIC money being wasted at trying to solve Detroit’s financial screw-ups that is a real shame.


7 posted on 07/17/2013 7:28:55 PM PDT by Responsibility2nd (NO LIBS. This Means Liberals and (L)libertarians! Same Thing. NO LIBS!!)
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To: shove_it
I say that many of the buildings are just multi-story factory space. No redeeming architectural (or at this point, structural) value.

Not really all that different from the old mills of New England (including Old Town Canoe).

8 posted on 07/17/2013 7:37:34 PM PDT by Paladin2
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To: cripplecreek; Perdogg; AdmSmith; AnonymousConservative; Berosus; bigheadfred; Bockscar; ColdOne; ...

Thanks shove_it.
The Detroit News reports an Illinois developer is speaking with Wayne County officials about purchasing the 40-acre property for $974,000, the amount owed in unpaid taxes. "Bill Hults, of Evanston, Ill., told The Detroit News he’s leading a group of investors who want to rehabilitate the crumbling 3.5-million-square-foot plant and build housing nearby. To complete the transformation, Hults has retained the legendary architectural firm that built the complex in 1903, Albert Kahn Associates." Hults told The News his team of investors want to salvage as many of the 47 buildings on the property as possible. Physical work, such as adding barriers to the site, could begin within a week. The project could reportedly cost at least $350 million and span 15 years from beginning to completion.
$351 million for 3.5 million sq feet on 40 acres (1/4 x 1/4 mile), the only real gamble being, what does the future hold for a city which probably has already bottomed out.


9 posted on 07/17/2013 7:42:26 PM PDT by SunkenCiv (McCain or Romney would have been worse, if you're a dumb ass.)
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To: Responsibility2nd
If he can Brooklynize or Portlandize Detroit, this guy could do very well.

But he'll need to restore the buildings, not raze them. Newbuilds have no hipster appeal.

10 posted on 07/17/2013 7:43:02 PM PDT by wideawake
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To: shove_it

Purchase the brand name too.


11 posted on 07/17/2013 7:43:05 PM PDT by TBP (Obama lies, Granny dies.)
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To: TBP

Packard Place sounds good.


12 posted on 07/17/2013 7:45:00 PM PDT by cripplecreek (REMEMBER THE RIVER RAISIN!)
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To: shove_it
"investors who want to rehabilitate the crumbling 3.5-million-square-foot plant and build housing nearby"

Housing with steel bars, no doubt.
13 posted on 07/17/2013 7:45:45 PM PDT by clearcarbon
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To: shove_it

Bring back the PACKARD car. /s


14 posted on 07/17/2013 7:45:57 PM PDT by VideoDoctor
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To: Pikachu_Dad

How about a hog rendering plant?


15 posted on 07/17/2013 7:46:52 PM PDT by BOBWADE (RINOs suck)
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http://nighttraintodetroit.com/wp-content/uploads/2010/01/packard-plant.jpg

http://www.examiner.com/images/blog/replicate/EXID9044/images/packard_plant_1907_drawing_industrial_complex_luxury_allposters.jpg

http://katwest.com/images/detroit/kw_packard_plant.jpg


16 posted on 07/17/2013 7:47:35 PM PDT by SunkenCiv (McCain or Romney would have been worse, if you're a dumb ass.)
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To: Eric in the Ozarks

really good cars, but Packard just would not change with times,people wanted V8 engines, and Packard would only give them a beautiful running straight 8. So people quit buying Packard despite the fact they were a really well built car.


17 posted on 07/17/2013 7:47:54 PM PDT by uzias
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To: cripplecreek

Whoops, thanks cc.


18 posted on 07/17/2013 7:49:26 PM PDT by SunkenCiv (McCain or Romney would have been worse, if you're a dumb ass.)
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To: wideawake

One thing that is helping is the fact that the city council is losing their death grip on business.

Tea party and GOP conservatives are also talking to the city unions about alternative free market alternatives to Obamacare that will save the city millions. AFP has also been conducting “raids” in democrat held territory.


19 posted on 07/17/2013 7:53:44 PM PDT by cripplecreek (REMEMBER THE RIVER RAISIN!)
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To: Paladin2
I say that many of the buildings are just multi-story factory space. No redeeming architectural (or at this point, structural) value.

Perhaps, but keep in mind that location is everything. Detroit is bound to become one of the hottest tourist destinations any day now.

20 posted on 07/17/2013 7:54:25 PM PDT by Cementjungle
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To: Cementjungle

Well, one could have a school in building sniper nests in abandoned buildings in urban areas.


21 posted on 07/17/2013 7:59:29 PM PDT by Paladin2
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To: Cementjungle

The Packard plant isn’t even located on a scenic river.


22 posted on 07/17/2013 8:00:20 PM PDT by Paladin2
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To: Cementjungle
Perhaps, but keep in mind that location is everything. Detroit is bound to become one of the hottest tourist destinations any day now.

You mean it's going to be up near the top of the list with Newark, Oakland, and Sanford?

23 posted on 07/17/2013 8:26:05 PM PDT by Standing Wolf
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To: Cementjungle
"Perhaps, but keep in mind that location is everything. Detroit is bound to become one of the hottest tourist destinations any day now."

Better be soon. The RenCen won't last forever.
24 posted on 07/17/2013 10:17:02 PM PDT by clearcarbon
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To: shove_it

if they wait to go to auction they can get it far cheaper.


25 posted on 07/18/2013 12:06:08 AM PDT by Secret Agent Man (Gone Galt; Not averse to Going Bronson.)
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To: wideawake

more people want to leave detroit than live there.


26 posted on 07/18/2013 12:08:06 AM PDT by Secret Agent Man (Gone Galt; Not averse to Going Bronson.)
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To: shove_it
1937 Packard Super-Eight convertible
27 posted on 07/18/2013 1:44:56 AM PDT by eCSMaster (Palin was right (again)!)
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To: shove_it

how much public funding does it get?


28 posted on 07/18/2013 1:49:19 AM PDT by GeronL
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To: Eric in the Ozarks

“Ask the man who owns one.” Long ago motto of Packard. A high class vehicle of it’s day. Although they did introduce the 110/120 series of “family cars.”


29 posted on 07/18/2013 4:24:51 AM PDT by donozark (BEWARE THE IMPOSTER FROM MOMBASA!)
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To: Standing Wolf

Our next vacation is set for Gary, Indiana.


30 posted on 07/18/2013 4:28:46 AM PDT by abb
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To: donozark
Dad and the family were stationed in Japan in the 1950s and needless to say, the roads were poor. The big black tank of a Packard could take the rutted roads without a whimper.
31 posted on 07/18/2013 5:41:16 AM PDT by Eric in the Ozarks (NRA Life Member)
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To: eCSMaster

1958 Packardbaker - end of the breed ...

http://www.youtube.com/watch?v=UU7olMaYWKo


32 posted on 07/18/2013 7:49:46 AM PDT by shove_it (long ago Orwell and Rand warned us about 0bama's America)
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To: cripplecreek

Here’s another restoration project of a much smaller scale that may have a chance of success in nearby Ypsilanti ...

http://www.detroitnews.com/article/20130718/METRO01/307180026/1409/METRO


33 posted on 07/18/2013 7:57:16 AM PDT by shove_it (long ago Orwell and Rand warned us about 0bama's America)
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To: BOBWADE

“How about a hog rendering plant?”

Halal hog?


34 posted on 07/18/2013 8:13:07 AM PDT by GGpaX4DumpedTea (I am a Tea Party descendant...steeped in the Constitutional Republic given to us by the Founders)
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To: uzias

The sale won’t happen. Old Man Packard is gonna cave to the unions any day now, any day....


35 posted on 07/18/2013 8:20:20 AM PDT by Justa
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