Nation & World News

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

By Bill Chappell on August 22nd, 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 eventually could be sold “for as little as $21,000,” a figure that comes from Wayne County Deputy Treasurer David Szymanski.

As The Detroit News reports, Szymanski hopes to finalize a transaction next week with Illinois-based developer William Hults, who wants to turn the site into a mixed-use structure, with commercial and residential sections.

But 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 a deal isn’t reached by Sept. 15, the Packard site would then go to an initial auction — at which it might not sell, because the minimum bids 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, and parts of it were demolished in the 1950s.

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. To see more, visit http://www.npr.org/.

This entry was posted in News from NPR. Bookmark the permalink.

Comments are closed.

 

More Stories in News from NPR

Jeremy The Koala, Rescued From Australian Brushfire, Goes Home

The animal had suffered burns to his paws in the blaze that swept through the Adelaide area earlier this month. After a full recovery, he has been released back into the wild.


Pakistani protesters in Karachi condemn a bombing at a Shiite mosque in Shikarpur on Friday.

Bomb Attack On Shiite Mosque In Pakistan Leaves At Least 49 Dead

Jundullah, a Sunni militant group with links to the Pakistani Taliban, claimed responsibility for the attack on the mosque in Shikarpur, Sindh province.


Mitt Romney says he will not seek the Republican presidential nomination once again.

Mitt Romney Won’t Run For President In 2016

“I’ve decided it is best to give other leaders in the party the opportunity to become our next nominee,” Romney said in a statement to supporters, according to multiple news reports.


In this photo provided by the Two Eagles balloon team, Troy Bradley of New Mexico and Leonid Tiukhtyaev of Russia set off from Saga, Japan.

Balloonists Crossing Pacific Set Distance Record

American Troy Bradley and Russian Leonid Tiukhtyaev, flying east over the Pacific Ocean, surpassed the previous record of just over 5,200 miles set in 1981 for gas-filled balloons.


A Chinese paramilitary police stands in front a portrait of late Chinese leader Mao Zedong outside the Forbidden city, Beijing, China, in November.

China Cracks Down On University Textbooks Promoting ‘Western Values’

Education Minister Yuan Guiren says the country’s institutions of higher learning should stop using textbooks that criticize China’s leaders and political system.


Thank you for your support

WUFT depends on the support of our community — people like you — to help us continue to provide quality programming to North Central Florida.
Become a Sustainer
I want to support FM 89.1/NPR
I want to support Florida's 5/PBS
Donate a Vehicle
Day Sponsorship Payments
Underwriting Payments