Fernando Palazuelo (Photo: Packard Plant project)
It's been early eight years since Peruvian developer Fernando Palazuelo bought the massive Packard Plant on Detroit's east side at a tax foreclosure auction with big dreams in mind. Now he appears to be waving the white flag and wants to sell.
JC Reindl of the Detroit Free Press reports:
In a short phone interview this week from his home and business headquarters in Lima, Peru, Palazuelo said there have been numerous interested would-be buyers since he switched gears last year from trying to save the world-famous auto plant and make it an eclectic mixed-use development to simply aiming to sell it.
Palazuelo's local broker has been marketing the 40-acre site, 1580 E. Grand Blvd., as a prime location for industrial logistics centers, warehouses and distribution hubs — types of development for which there is now strong demand in metro Detroit. His asking price for the property is $5 million.
Prospective buyers so far aren't looking to keep the old 3,200,000-square-foot Packard Plant ruins. They would tear it down and start fresh with new construction.
