Developers reportedly in purchase talks for Detroit's long-abandoned Packard Plant

Mlive ^ | 17 Jul 2013 | David Muller

[shove_it]

Sounds like a pipe dream at best, a scam at worst.

[shove_it]

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

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

[Responsibility2nd]

An abandoned Packard plant. In Detroit. Go figure.

/s

[Eric in the Ozarks]

My dad had a couple of Packards,
Back in their day, they were strong contenders...

[Pikachu_Dad]

Future Mosque?

[cripplecreek]

Like it or not, there is a lot of private investing going on in Detroit.



Michigan legislative action thread

[Responsibility2nd]

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.

[Paladin2]

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).

[SunkenCiv]

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.

[wideawake]

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.

[TBP]

Purchase the brand name too.

[cripplecreek]

Packard Place sounds good.

[clearcarbon]

"investors who want to rehabilitate the crumbling 3.5-million-square-foot plant and build housing nearby"

Housing with steel bars, no doubt.

[VideoDoctor]

Bring back the PACKARD car. /s

[BOBWADE]

How about a hog rendering plant?

[SunkenCiv]

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

[uzias]

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.

[SunkenCiv]

Whoops, thanks cc.

[cripplecreek]

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.

[Cementjungle]

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.