Friday, December 13, 2013

Packard Plant Paid For



As predicted on the pages of this blog, the beleaguered Packard Plant is now under new ownership, as developer Fernando Palazuelo completed paying his auction bid on the property yesterday.

Palazuelo has six months to secure the property from vandals and trespassers and has to keep current on taxes, which were just under $1 million, but now may be reduced because of the auction sale.  He will now doubt contest a high assessment on the property.

Link: http://www.detroitnews.com/article/20131212/METRO01/312120149/Peruvian-developer-makes-final-payment-buy-Packard-Plant?odyssey=tab|topnews|text|FRONTPAGE

http://www.freep.com/article/20131212/BUSINESS06/312120146/Packard-Detroit