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

President Obama spoke Tuesday about the U.S. plan to fight the Ebola epidemic in West Africa, speaking at the Centers for Disease Control and Prevention. The White House plan reportedly includes deploying 3,000 U.S. military personnel and training health care providers in Liberia.

Obama Gives New Details On America’s Effort To Fight Ebola

The Obama administration’s plan reportedly includes having the Department of Defense shift $500 million in funding to fight the Ebola epidemic


Inmate Frank Van Den Bleeken, seen here in court last autumn, says he wants to die because he sees no progress in the mental problems that were linked to his crimes of murder and rape.

Belgium Agrees To Euthanize Man Convicted Of Murder, Rape

Frank Van Den Bleeken says he wants to die because he hasn’t seen any change in himself. A court agreed — and now his case is raising prickly questions in a country that has no death penalty.


U.S. District Court Judge Carl Barbier ruled nearly two weeks ago that BP acted recklessly in the 2010 Deepwater Horizon rig accident and oil spill.

BP Lawyers Use Old-School Trick; Judge Not Amused

A legal filing tied to the company’s Gulf oil spill case was supposed to have been capped at 35 pages. But lawyers for BP got a little creative with the spacing.


In Germany, A Magazine For The Dog-Tired

Germans have long had plenty of choices when it comes to magazines catering to canine lovers. But one publisher thinks the time has finally come to throw the dog haters a bone.


Cars sit in a flooded street in San Jose del Cabo Monday, after hurricane Odile knocked down trees and power lines in Mexico's Baja California Peninsula.

Odile Leaves Wreckage In Mexico And Threatens Flooding In U.S.

Hurricane Odile is now a tropical storm, but it has heavy rainfall and power outages to the Baja Peninsula and surrounding areas. It could also bring new flooding to Tucson and nearby areas.


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