Fernando Palazuelo
Fernando Palazuelo, owner of the Packard Plant on Detroit's east side, has plans to expand his real estate footprint in the city.
He intends to buy another 1.5 million square feet of industrial space for mixed use in Detroit, Kirk Pinho of Crain's Detroit Business reports.
Palazuelo declined to identify the site, but says he plans to close by May and use it for light industrial and office space and low-income apartmentss.
Meanwhile, Crain's writes that Palazuelo says that a large but undisclosed Peruvian private equity firm has backed out of an agreement to provide $80 million in financing for the Packard project. However, he says he still plans to follow his original business plan in redeveloping the 3.5 million-square-foot property.
