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

Police arrest a man as they disperse a protest Wednesday for Michael Brown, who was killed by police Aug. 9 in Ferguson, Mo.

Obama Orders Review Of Transfers Of Military Surplus To Local Police

The White House says it will look at federal programs begun after Sept. 11, 2001, that have given local law enforcement military-grade weapons and equipment.


A black tip shark, caught on a fishing line, circles a boat just before it's devoured by a Goliath grouper.

WATCH: Shark Vs. Grouper. Shark Loses.

A couple of anglers fishing off the Fla. coast hook a four-foot Blacktip shark. And then …


Air Force Col. Steven Nagel joined NASA in 1978 and flew four space shuttle missions, logging more than 700 hours in space. He retired from the space agency in 2011. Nagel died of cancer on Thursday.

Veteran Space Shuttle Astronaut Steven Nagel Dies At 67

The Air Force colonel was among the first group selected by NASA to train for the space shuttle program. He went on to fly four missions, two as commander.


Iceland Ups Aviation Warning As Volcano Rumbles

Bardarbunga, a volcano in the center of the island nation, has experienced a sub-glacial eruption and could begin sending steam and ash skyward if it melts through the ice, scientists warn.


Members of Kurdish security forces take part during an intensive security deployment after clashes with militants of the Islamic State, in Jalawla, Diyala province, on Friday.

U.N. Warns Of ‘Possible Massacre’ In Northeastern Iraq

The United Nations special representative in Iraq describes the situation in Amerli, besieged by Islamic State militants, as one of “unspeakable suffering.”


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