Construction could soon begin at the Packard Plant as the complex's Spanish-born owner launches the opening phase of his ambitious redevelopment project, JC Reindl reports in the Free Press.
In an exclusive interview Tuesday, Fernando Palazuelo said he anticipates the arrival within two to four weeks of cleanup crews and aerial cranes to his 40-acre factory site, which is now vacant and hasn’t produced an automobile since the mid-1950s.
Palazuelo said he also is attempting to acquire a world-famous Banksy graffiti mural that was excavated from the site by artists in 2010 before Palazuelo owned it. He is to meet today with leaders of the Detroit-based 555 Nonprofit Gallery and Studios, who have the mural. They generated controversy earlier this year for their decision to try to sell the 1,500-pound piece to keep the gallery afloat.
“I know this is something important to Detroit, to try and keep the Banksy in Detroit rather than send it to California,” Palazuelo said from his Detroit office, which overlooks the Packard Plant from across deserted train tracks just off the property.
Palazuelo envisions restoring some of the original Packard structure and redeveloping it for commercial, industrial and cultural uses. He plans to apply for historic and brownfield tax credits to help pay for the project, which could cost up to $300 million and take decades to complete.
