Could the crumbling Detroit Packard plant on Detroit's east side be sold at public auction for as little as $21,000 this fall?
That's one scenario JC Reindl of the Detroit Free Press has thrown out there if a deal between Wayne County and Illinois developer William Hults falls through. Under that deal, Hults is supposed to buy the site for just under $1 million in back taxes.
The Freep reports that Hults wants to salvage much of the Albert Kahn-designed structure and develop housing, restaurants, offices, shopping and a hotel.
“We’ve got 20 businesses that if we were finished with this place, they’d be in there,” he told the Freep.
But everything doesn't seem like a sure thing.
The Freep reports:
Hults acknowledged there are many hurdles to cross. He has yet to secure project financing, forge development partnerships or meet with Detroit’s development chief, George Jackson, who could provide assistance. And he has never completed a project of this magnitude.