Fernando Palazuelo (Photo: Packard Plant project)
After all the hoopla about renovating the Packard Plant, owner Fernando Palazuelo may instead demolish the sprawling factory on Detroit's east side.
The Peru-based developer bought the 40-acre site seven years ago at a county auction, and he recently listed it with a commercial real estate firm and is seeking industrial buyers or tenants.
Larry Emmons, senior managing director for Newmark, a global commercial real estate service, told the Detroit Free Press on Thursday that Palazuelo would be ready to demolish big sections of the empty plant once one or more tenants are found, reports JC Reindl.
The demolition would be done to make way for "a modern, 21st-Century industrial building."
