Bill Hults to buy 3.5sqm Packard Plant for $1m next week?

**night-timer** · September-06-13, 05:37 AM

I don't know if this is breaking news or has been discussed already: Bill Hults of Chicago has grand plans for the 3.5m sqm Packard Plant [[oops, I mean the Villages of Packard) although it'll take years to complete.... will it go backwards [[into the red) for a while before it brings in a profit? http://www.wxyz.com/dpp/news/region/...-next-few-days

**getmoore** · September-06-13, 06:48 AM

I wish him good luck with that.

**motz** · September-06-13, 08:04 AM

Originally Posted by night-timer

I don't know if this is breaking news or has been discussed already: Bill Hults of Chicago has grand plans for the 3.5m sqm Packard Plant [[oops, I mean the Villages of Packard) although it'll take years to complete.... will it go backwards [[into the red) for a while before it brings in a profit? http://www.wxyz.com/dpp/news/region/...-next-few-days

I love all of these pie-in-the-sky plans where they don't even have their investors lined up. If the guy pays the back taxes and continues to pay taxes on it, sure Bill, go for it. We need the extra million bucks anyhow.

**Hamtragedy** · September-06-13, 08:38 AM

Soon to be slumlords/investors. Whatever

**56packman** · September-06-13, 08:56 AM

Where was he in 1999 when the Mayor Archer/State of Michigan/shady investor pulled the takeover? I don't seriously see how he thinks that complex is worth saving.

**WaCoTS** · September-06-13, 09:20 AM

What will happen next week? Will Hults become the new owner of the Packard Plant?If he does, Bill Hults says he’ll put up some serious fencing and hire 24-hour security guards for the area. He says he may even sell $20 tickets to tour the tunnels beneath the site.

tour the tunnels, huh? well, he better plan on charging at LEAST $20 and have guests bring shovels to help him excavate all the earth out of there that's blocking off most of them, abating the asbestos, and pumping out the water.

but i can think of a lot more tours in this city that can be had for much less than $20, which are much more worthwhile. or, you can just "tour" the tunnels for free on your own, like most people do.

this guy is such a space brain....

**Wheels** · September-06-13, 09:41 AM

I want some of what he is smoking!

**Hamtragedy** · September-07-13, 10:00 AM

I could use some new fencing.....

**p69rrh51** · September-07-13, 11:44 AM

Delusions of grandeur!

**Gistok** · September-07-13, 01:33 PM

I am just a skeptical as everyone else here is... absolutely unthinkable....

BUT....

When Dr. David DiChiera [[General Director of Michigan Opera Theatre) had his organization buy the very derelict old Grand Circus Theatre in 1989... for only $300,000.

[[First image old decrepit auditorium ceiling dome)...

...many of the Michigan Opera Theatre patrons and officials thought that Di Chiera had lost his marbles and gone crazy!!But the man had a vision... a vision that everyone else thought was lunacy. Even I, who visited the horribly decayed old theatre back in 1991, thought.... "no way... this is just not going to happen"...

Well 17 years later [[2006)... not only has the theatre been resurrected [[in the truest sense of the word)... but a world class stagehouse addition and revamping the 6 floors of office space as opera work spaces, dance theatre, lounges, library, archives and scenery/sewing workshop areas... were all added to an acoustically world class new [[old) opera house!

...[[Second image restored ceiling dome)...

So I'm going to take an optimistic wait and see approach...

**mikefmich** · September-07-13, 08:11 PM

If this guy has a net worth of 1-2 billion, I might believe it. If he comes in with chump change like a net worth of 30- 40 million, forget it.

**night-timer** · September-07-13, 08:45 PM

Does anyone know the background/career [[anything?) of Hults? Has he done this sort of thing before? Why would he come to Detroit to BS about his pipe dreams or grandiose schemes?

**LeannaM** · September-07-13, 09:44 PM

I don't know anything about the opera house, but it had a potential use. Does the Packard plant have any potential use? It seems like it's just a concrete shell and asbestos may be an issue. It doesn't seem like the building would be worth much. You won't be turning it back into a factory and it doesn't seem that attractive for residential. Factories CAN be turned into other things, but Packard seems beyond repair. Also, the neighborhood doesn't look that great.

It might work if he rehabs a small part of the plant and tears down the rest of it, but with the size of the Packard Plant and all the work that would need to be done, I don't see how it would be worth it.

It seems like there are other properties in Detroit that would be a better investment.

**night-timer** · September-07-13, 11:51 PM

Like the beautiful and cute-sy GAR building - that's a good example of a structurally-sound and attractive building whose small-ish size makes it a manageable refurb job.

**KJ5** · September-08-13, 12:07 AM

Originally Posted by Gistok

I am just a skeptical as everyone else here is... absolutely unthinkable....

BUT....

When Dr. David DiChiera [[General Director of Michigan Opera Theatre) had his organization buy the very derelict old Grand Circus Theatre in 1989... for only $300,000.

[[First image old decrepit auditorium ceiling dome)...

...many of the Michigan Opera Theatre patrons and officials thought that Di Chiera had lost his marbles and gone crazy!!But the man had a vision... a vision that everyone else thought was lunacy. Even I, who visited the horribly decayed old theatre back in 1991, thought.... "no way... this is just not going to happen"...

Well 17 years later [[2006)... not only has the theatre been resurrected [[in the truest sense of the word)... but a world class stagehouse addition and revamping the 6 floors of office space as opera work spaces, dance theatre, lounges, library, archives and scenery/sewing workshop areas... were all added to an acoustically world class new [[old) opera house!

...[[Second image restored ceiling dome)...

So I'm going to take an optimistic wait and see approach...

Yeah, uh, the Packard Plant is just a wee bit larger than that opera house...

**corktownyuppie** · September-08-13, 02:06 AM

Originally Posted by KJ5

Yeah, uh, the Packard Plant is just a wee bit larger than that opera house...

True, but there's a whole more interest in living downtown now than back in 1991 when the vacant opera house was purchased, too.

But no matter how much housing demand there is, you'll still need money. And I'm presuming that no bank would take the vacant building as collateral for a construction loan.

**Honky Tonk** · September-08-13, 04:37 AM

Originally Posted by Gistok

I am just a skeptical as everyone else here is... absolutely unthinkable....

BUT....

When Dr. David DiChiera [[General Director of Michigan Opera Theatre) had his organization buy the very derelict old Grand Circus Theatre in 1989... for only $300,000.

[[First image old decrepit auditorium ceiling dome)...

...many of the Michigan Opera Theatre patrons and officials thought that Di Chiera had lost his marbles and gone crazy!!But the man had a vision... a vision that everyone else thought was lunacy. Even I, who visited the horribly decayed old theatre back in 1991, thought.... "no way... this is just not going to happen"...

Well 17 years later [[2006)... not only has the theatre been resurrected [[in the truest sense of the word)... but a world class stagehouse addition and revamping the 6 floors of office space as opera work spaces, dance theatre, lounges, library, archives and scenery/sewing workshop areas... were all added to an acoustically world class new [[old) opera house!

...[[Second image restored ceiling dome)...

So I'm going to take an optimistic wait and see approach... ;)

What a wonderful analogy! All the greenies of Detroit that never set foot in the opera house, back in the days of visqueen and folding chair fundraisers, are staring in amazement. Pray tell, how many hundreds of gallons of contaminating chemicals were used during opera performances? As bad as it was, the opera house never reached the state of ruin that the Packard plant has.

**Richard** · September-08-13, 05:09 AM

A couple of things.

but Szymanski said they are allowing owners to redeem their properties by paying unpaid taxes up until Sept. 15.

From The Detroit News: http://www.detroitnews.com/article/2...#ixzz2eIFhxf9Z

Hults also may have to pay the city about $450,000 from a past debt tied to the property.

From The Detroit News: http://www.detroitnews.com/article/2...#ixzz2eIHPhaJU

Ask them who holds the 450.000 debt which brings the total to 1,450,000 and why,if the city foreclosed,are they collecting full return for private investors but yet offering 10c on the dollar to others.

The once again stated 3.5 million sqft,sounds nice but when you place a signed contract in front of investors that reads 3.5 when it was only 2.2 two years ago,somebody is going to wonder what happened to the missing million plus sqft.

**Downriviera** · September-08-13, 11:42 AM

At least we'll have another coffee shop.

**DetroiterOnTheWestCoast** · September-08-13, 12:29 PM

We can always hope, can't we? This quote from one of the articles gives me additional reasons to hope this actually gets off the ground:"The housing and some of the restoration of the main complex will be done using precast concrete walls the developers plan on manufacturing at a facility they are negotiating to buy near Coleman A. Young Municipal Airport, Hults said.
“We are going to try to employ everything we have to do in Detroit,” said Hults, who pledged to give hiring preference to city residents.

From The Detroit News: http://www.detroitnews.com/article/2...#ixzz2eK6FICbi:

**rex** · September-08-13, 05:43 PM

Ok. For a second I thought he was about to give a million $ to that dominic guy. Give a million to crooked incompetents or give a million to a garden variety crook

**Gistok** · September-08-13, 07:05 PM

Originally Posted by Honky Tonk

What a wonderful analogy! All the greenies of Detroit that never set foot in the opera house, back in the days of visqueen and folding chair fundraisers, are staring in amazement. Pray tell, how many hundreds of gallons of contaminating chemicals were used during opera performances? As bad as it was, the opera house never reached the state of ruin that the Packard plant has.

Apparently you missed my first sentence...

And....

"Analogous objects did not share necessarily a relation, but an idea, a pattern, a regularity, an attribute, an effect or a philosophy."

**Honky Tonk** · September-08-13, 07:31 PM

Originally Posted by Gistok

Apparently you missed my first sentence...

And....

"Analogous objects did not share necessarily a relation, but an idea, a pattern, a regularity, an attribute, an effect or a philosophy."

Ah yes, I can see clearly now.......

**Gistok** · September-08-13, 09:42 PM

Originally Posted by Honky Tonk

Ah yes, I can see clearly now.......

I still agree that this won't get off the ground... but I felt the same thing about the Opera House, and the Book Cadillac... we all want to be proven wrong... even when we know we're right!

**night-timer** · September-08-13, 11:40 PM

Book Cadillac - the Westin Hotel now - and Book building have the advantage of a good [[downtown) location and great views from the roof of the Book/Westin.