Chicago-area developer delivers $100,000 check for Packard Plant
http://www.freep.com/article/2013110...oper-Palazuelo
Well it looks like Hults is our man. Presuming that the Cashier's check clears, he's out $100,000 in non-refundable money unless he comes through with the balance of the $2MM he owes by Monday.
Wayne County sets final deadline for Packard Plant bidder
The Wayne County treasurer has given Chicago-area developer Williams Hults a final Nov. 15 deadline to deliver themoney for his $2-million bid on Detroit’s old Packard Plant.
Hults has produced $200,000 in nonrefundable deposits for the dilapidated auto factory but has yet to assemble the remaining $1.8 million. After he failed to make a scheduled $300,000 deposit on Monday, county officials lowered the required amount.
Hults finished second on Oct. 25 in the property’s tax foreclosure auction behind top bidder Jill Van Horn, a Texas doctor who was disqualified when she didn’t make a $2-million deposit on her $6-million offer.
If Hults fails to perform, the Packard Plant site would go to next-place bidder Fernando Palazuelo for about $400,000.
The roughly 40-acre property went to online auction after Hults couldn’t produce a $1-million payment in September to cover the property’s back taxes and take possession. The site’s previous owner was Bioresource, a company owned by convicted drug dealer Dominic Cristini.
Hults envisions saving and restoring parts of the Packard Plant and transforming the site into a mixed-use residential, commercial and entertainment development. It would be his first development project of such magnitude.
“The efforts to return the Packard Plant to useful purposes continue,” Treasurer Raymond Wojtowicz said in a statement.
http://www.freep.com/article/2013110...-Plant-pay-bid