DETROIT, MI – The old crumbling structure of the famed Packard Plant on Detroit’s east side appears to have a new owner by the name of Fernando Palazuelo of Peru.
It is being reported that he made the last payment into an escrow account after business hours today to finalize his bid on the 40 acre complex. Palazuelo became the ultimate winning bidder who actually came in third in the bidding process during the auction of the property.
The first bidder seemed to be a ‘ringer’ from the very beginning. Jill Van Horn of Ennis, Texas, bid $6 Million. It was to good to be true when it was announced that she had won the property auction with that bid. Within a few days Wayne County and the rest of us became aware that she was not holding up to her agreement of the auction.
Chicago-area developer Williams Hults had several bites at the apple in buying the property. First in a tentative agreement with Wayne County which did not pan out and then he came in 2nd behind Van Horn. He did make a large down payment of $100,000 but failed to secure the rest of the necessary funds.
So now in steps Fernando Palazuelo. His vision for the complex is this: residential, retail, offices, light industry, recreation and art. Price tag: $350 Million.
We can now only hope that he hold to his word in cleaning up years of neglect and make something Detroit can once again be proud of.