Fernando Palazuelo, who seems like the mostly likely of several big dreamers to end up buying the Packard Plant, tells JC Reindl of the Free Press that he will close the deal within weeks and said he wants to attract auto suppliers, build an upscale go-kart racing track, obtain government funds to clean up the sprawling ruin and, eventually, live there.
He said he plans to put his office in the iconic brick bridge across East Grand Boulevard, which in recent years has shed large chunks of concrete.
Palazuelo, of Peru and Spain, told the Free Press that he plans to approach the Detroit Three automakers to inquire about parts supplier firms that might wish to open shop someday in a cleaned-up and redeveloped Packard site in exchange for several years of free rent.
Once the Packard site is his, Palazuelo said, he will proceed with cleaning up and redeveloping the site into a mixed-use project over 10 to 15 years, or longer. Palazuelo sees six components to the project — residential, retail, offices, light industry, recreation and art — and an estimated price tag of about $350 million.
