Peruvian developer ready to remake old car plant

AP News
Posted: Jun 29, 2014 11:07 AM
Peruvian developer ready to remake old car plant

DETROIT (AP) — Peruvian developer Fernando Palazuelo says he is ready to begin clearing rubble and trash from part of Detroit's massive Packard car plant.

Palazuelo told The Associated Press last week that crews will be at the 40-acre eastside site Monday and that he plans to have an apartment for himself built there before the end of the year.

The 59-year-old businessman bought the property last year for $405,000 at a county tax foreclosure auction. He says the total redevelopment cost should be near $350 million.

Previous plans to demolish buildings on the site never materialized.

The plant was built in the early 1900s. Car production ended in the 1950s, but its buildings were later used as warehouses and for other projects. It has been completely vacant for a number of years.