Peru developer given deed to Packard Plant after paying in full
Updated On: Jan 02 2014 11:24:31 AM EST
It's official: Detroit's old Packard Plant has been sold.
After an auction in October and months of failed bids, the Wayne County Treasurer’s Office on Thursday confirmed that a developer from Peru had paid in full the $405,000 for the plant.
Szymanski said the deed was issued to Fernando Palazuelo.
"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," offered Wayne County Treasurer Ray Wojtowicz.
A phase one environmental study had to be completed before the deed was recorded, which led to a delay in processing the transaction.
The deed recorded does require that the taxes be kept current on the property and that progress be made in relation to demolition or redevelopment.
Slideshow: A look at the Packard Plant
Palazuelo was the third bidder to act on the property. The two bidders before Palazuelo had offered $6 million and $2 million for the plant, but their bids were canceled when they failed to meet payment deadlines.
Built around 1910, the plant was the home of the Packard automobile, one of many luxury lines produced in Detroit. The plant closed its doors in 1958.
Previous stories on the Packard Plant: