Monday, October 28, 2013

Auction Winner to Close on Packard Plant

Following up on yesterday's post, today's news brings word that there were other investors supporting the winning bidder on the Packard Plant, investors who have a background in real estate development, and that there is a definite plan going forward.

We predicted yesterday that the auction presaged a positive development for the property, which has virtually been in zombie mode for the last 50 years since it shut down.  Although nothing is certain until it actually happens, a significant down payment is expected immediately with the balance of the $6 million payable within a week or two.

The property will be turned into a facility producing modular homes for shipment "all over the world."

Here's the Detroit News article.

Here's the Free Press.