Current Weather
The Spy FM

Detroit’s Packard Complex Could Sell Below $100,000 If Deal Fails

Filed by KOSU News in Business.
August 22, 2013

The Packard plant, which once symbolized the might of America’s auto industry, is at risk of heading to auction if a pending development deal fails. If that happens, The Detroit Free Press reports, the 35-acre site could eventually be sold “for as little as $21,000.”

That figure comes from Wayne County Deputy Treasurer David Szymanski, the Free Press reports. If such a sale were to take place, 3.5 million square feet of space could be acquired for less than $30,000.

For that low price to come about, the proposed deal would have to fall through. As The Detroit News reports, Szymanski hopes to finalize the transaction next week.

But the developer, Illinois-based William Hults, “acknowledges there are many hurdles to cross,” the Free Press reports. “He has yet to secure project financing, forge development partnerships or meet with Detroit’s development chief, George Jackson, who could provide assistance. And he has never completed a project of this magnitude.”

If no deal is reached by Sept. 15, the Packard site would then go to an initial auction — at which it might not sell, because the minimum bides would be around $1 million, reflecting back taxes and interest owed on the property.

The next step would be for the property’s 42 parcels to go up for auction individually in October, with a minimum bid of $500 each — a scenario that yields Szymanski’s $21,000 figure.

The 110-year-old Packard complex has been deteriorating for years. Parts of it were demolished in the 1950s. If he acquires it, Hults hopes to turn the site into a mixed-use structure, with commercial and residential sections.

A video feature by the Free Press looks at the role the Packard plant plays in today’s Detroit, where it attracts people interesting in painting graffiti and salvaging metal. Under the terms of the potential sale, Hults would have six months to either secure the site or demolish the plant. [Copyright 2013 NPR]

Leave a Reply

5AM to 9AM Morning Edition

Morning Edition

For more than two decades, NPR's Morning Edition has prepared listeners for the day ahead with two hours of up-to-the-minute news, background analysis, commentary, and coverage of arts and sports.

Listen Live Now!

9AM to 10AM The Takeaway

The Takeaway

A fresh alternative in morning news, "The Takeaway" provides a breadth and depth of world, national and regional news coverage that is unprecedented in public media.

View the program guide!

10AM to 11PM On Point

On Point

On Point unites distinct and provocative voices with passionate discussion as it confronts the stories that are at the center of what is important in the world today. Leaving no perspective unchallenged, On Point digs past the surface and into the core of a subject, exposing each of its real world implications.

View the program guide!

Upcoming Events in your area (Submit your event today!)

Streaming audio and podcasts

Stream KOSU on your smartphone

Phone Streaming

SmartPhone listening options on this page are intended for many iPhones, Blackberries, etc. with low-cost software applications available to listen to our full-time web streams, both News on KOSU-1 and Classical on KOSU-2.

Learn more about our complete range of streaming services

We're perfecting the patient experience - Stillwater Medical Center