Packard Plant/wikimedia
Drive around the decaying Packard Plant on Detroit's east side and the surrounding neighborhood, then close your eyes and try to imagine investors pouring a lot of money into the area.
It might seem far fetched -- until now.
Christine MacDonald of The Detroit News reports that an Illinois developer is in talks with the Wayne County treasurer to buy the plant out of foreclosure for its $974,000 unpaid tax bill.
The plan is to convert it to a commercial, housing and entertainment complex.
MacDonald writes:
Bill Hults, of Evanston, Ill., told The Detroit News he’s leading a group of investors who want to rehabilitate the crumbling 3.5-million-square-foot plant and build housing nearby. To complete the transformation, Hults has retained the legendary architectural firm that built the complex in 1903, Albert Kahn Associates.
Crews could begin adding concrete barriers, fences and armed security guards within a week to secure the 40-acre facility on East Grand and Mount Elliott, said Hults. He said investors want to save as many of the 47 buildings as possible despite their skeletal state and then build multi-family housing nearby.
The project could cost at least $350 million and take up to 15 years, but the renovation of the Packard itself could be complete in several years, according to Hults’ early estimates.
The Detroit News notes that it's a massive undertaking and skeptics question whether the plan is realistic.
“It will be no small feat,” Nate Ford, a former director of the city Buildings, Safety Engineering and Environmental Department, told the News. “The whole integrity of the building has been compromised, top to bottom, side to side.”
