It's Official: A Peruvian Man Owns the Crumbling Packard Plant

January 02, 2014, 12:21 PM

In case you were wondering: The crumbling Packard Plant, a symbol of what once was in Detroit, has been officially sold.

WDIV reports that that the Wayne County Treasurer’s Office on Thursday confirmed that athe developer from Peru, Fernando Palazuelo, has paid in full the $405,000 for the plant and has been given the deed.

"While the sale of the Packard Plant is now completed, success will be measured over the course of the next several months and years as Mr. Fernando Palazuelo pools his resources and addresses the redevelopment of this iconic structure.  I am hopeful the years of neglect of this plant are now slipping into our rearview mirror," Wayne County Treasurer Ray Wojtowicz said in a statement, according to WDIV.

Palazuelo was the third bidder. Two others offered more, but never came through with the full payments.

The Detroit Free Press reports that Palazuelo wants to redevelop the site into a mixed-use project over 10 to 15 years or more.

The site would include residential, retail, offices, light industry, recreation and art. The paper reports he'd like to attract an auto supplier and a go-kart racing track.

Read more:  WDIV

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