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

**Honky Tonk** · September-09-13, 12:21 AM

Originally Posted by Gistok

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!

I used to attend fund raisers for and @ the Opera House, and I never felt that it was beyond hope. With the Book Cadillac, I relied on experts that said it could and would be revamped. The Packard Plant is in the same situation as the Uniroyal plant was. Not only was it unused, it was abused. Couple that, with unchecked contamination from it's hey-day, and I'm not sure, even if it were leveled, that anything could pass soil inspection to be built on that site for either quite a while, or without serious digging. I think they should do a transit line to the Southeast side, and do something with the Whittier. I know it isn't in boomtown, but the Coast is a great area of Detroit.

**night-timer** · September-09-13, 03:48 AM

How real is the asbestos threat inside the Packard plant?

**Gannon** · September-09-13, 04:03 AM

It is no danger until it is disturbed and inhaled or ingested, as far as I know.

The threat? Real. That cannot be all the EPA might be concerned with in that behemoth.

**Danny** · September-09-13, 06:36 AM

Bill Hults will be making a very big investment risk! Turning the old Packard Plant into his private residential complex filled with shops. In the middle of the black and blighted east side Detroit ghettohood. I hope he could do it.

**Honky Tonk** · September-09-13, 07:44 AM

Originally Posted by Gannon

It is no danger until it is disturbed and inhaled or ingested, as far as I know.

The threat? Real. That cannot be all the EPA might be concerned with in that behemoth.

I'm willing to bet that the asbestos inside the Packard Plant has been more than "disturbed". It's been released, and washed into the building surfaces, and the surrounding ground area. It's not only the asbestos, but all the other chemicals that were used in auto production and scrapping, and never safely contained or disposed of.

**Gannon** · September-09-13, 10:24 AM

NO doubt. There are a few places along Django's tour route that I'm sure would spark Toxic Avengers if folks were to dally.

**night-timer** · September-11-13, 07:13 AM

It's almost "next week" now - has Bill Hults' purchase gone through?

**night-timer** · September-11-13, 07:18 AM

Originally Posted by Downriviera

At least we'll have another coffee shop.

Yeah, but it won't be a cheap cup of coffee after all the crap Hults goes through to get the 'Villages of Packard' booming like it did 50 years ago....

**dmike76** · September-11-13, 07:23 AM

He's one step closer to buying it.

http://www.detroitnews.com/article/2...text|FRONTPAGE

**Hypestyles** · September-12-13, 01:13 PM

I hope someone genuinely progressive buys it and actively puts in the work to repurpose the property.

**night-timer** · September-12-13, 01:21 PM

"Re-Purpose" ?!? - I'm no cynic of Detroit, but I lurrrrrve that word !!!

**Danny** · September-13-13, 06:10 AM

If I see construction going on at the old Packard place, I will believe it.

**mikeg19** · September-13-13, 11:27 AM

Originally Posted by Danny

If I see construction going on at the old Packard place, I will believe it.

Adamo construction?

**AuburnSpeedster** · September-14-13, 02:32 AM

So apparently he missed the deadline?

**rex** · September-14-13, 01:58 PM

Originally Posted by AuburnSpeedster

So apparently he missed the deadline?

ran out of the crack he was smoking?

**night-timer** · September-14-13, 08:52 PM

Originally Posted by dmike76

He's one step closer to buying it.

http://www.detroitnews.com/article/2...text|FRONTPAGE

The article states:"If Hults’ deal falls through, Palazuelo said he’ll decide whether to bid on Packard in September or later. In September, the price would be the taxes owed. If it doesn’t sell then, the starting bid in the October auction would be $500 for each of the 42 parcels, or $21,000. The treasurer is selling the parcels together. Critics have questioned whether Hults’ plan is realistic, saying resurrecting one of the city’s most notable ruins would be a massive job. Hults hasn’t completed a project of this size and hasn’t disclosed his investors, but has hired the firm of the original architect who built the facility, Albert Kahn Associates." -- seems to me Hults is over-paying for the Packard plant if he's offering a million?

From The Detroit News: http://www.detroitnews.com/article/2...#ixzz2evEHMYxB

**KJ5** · September-15-13, 02:31 AM

I hope there's a racetrack right across I-94 where you can look down from the casino hotel, like in the old plan from the 90's I found...

**Richard** · September-15-13, 10:49 AM

Originally Posted by night-timer

The article states:"If Hults’ deal falls through, Palazuelo said he’ll decide whether to bid on Packard in September or later. In September, the price would be the taxes owed. If it doesn’t sell then, the starting bid in the October auction would be $500 for each of the 42 parcels, or $21,000. The treasurer is selling the parcels together. Critics have questioned whether Hults’ plan is realistic, saying resurrecting one of the city’s most notable ruins would be a massive job. Hults hasn’t completed a project of this size and hasn’t disclosed his investors, but has hired the firm of the original architect who built the facility, Albert Kahn Associates." -- seems to me Hults is over-paying for the Packard plant if he's offering a million?

From The Detroit News: http://www.detroitnews.com/article/2...#ixzz2evEHMYxB

Up until the day of the auction the currant owner has the right of redemption by paying the taxes,so if the currant owner works a deal before then the costs are the back taxes plus the $450,000 which is well over a million.

Paying more because it is still a private deal.

Not sure there but many cities even give a 90 day post auction pay off time for the previous owner for redemption.Its the chance you take.

Pre-auction costs $986.000 + $450.000 = $1.436.000

If nobody else bids at the auction $986.000,odds are not many bidders are going to be there,$50,000,000 investment would show a much higher return elsewhere.

Selling for $24.000 would never happen because somebody would buy one center lot and throw a wrench into the works.

It is made up of many parcels,the buildings would have to be split up to match the parcel,so one needs $500 plus the $100.000 up into millions to secure and separate each parcel.

Then you share a common roof etc. the whole silly aspect of selling each lot for $500 is not feasible.

The building on the end by the freeway has a pending damages lawsuit.

It should be land banked and sold for $1 to a vetted buyer.

The city knows all of this though,they would rather spend millions of taxpayer fed dollars in demolitions then walk away from the $900k plus in taxes,if they offered incentives no different then they are offering anybody else this would have been a non issue.

Their goal is to see it on the ground to be vindictive,everything else is window dressing.

**Cliffy** · September-15-13, 12:42 PM

This sounds just like the developer that was going to buy the Silverdome for millions but then could never come up with the money.

This thing is going to auction.

**detroitpride313** · September-16-13, 11:06 PM

Surprise!!!...the deal didn't happen...who woulda guessed that?...it seemed so realistic. http://www.detroitnews.com/article/2...xt%7CFRONTPAGE

**night-timer** · September-17-13, 08:23 PM

I quite like the Packard plant. Heck, it's had its share of visitors and gawkers. But does anyone truly want it? Wouldn't they have grabbed it by now? I mean, it shut a mere six decades ago. What are the chances of it simply idling in its current dilapidated state for years more? Is that the most likely prospect if Hults bombs out getting investors again?

**downtownguy** · September-18-13, 11:59 AM

Good interview today by Pat Batcheller of WDET with Wayne County Deputy Treasurer David Szymanski. He covers where Hults stands [[no word from him since Monday), the investor from Peru [[which sounds quite interesting), and the auction process for the properties if no deal is struck.

http://wdet.org/news/story/091813-Pa...ant-Szymanski/

**night-timer** · September-28-13, 06:39 AM

Has anyone heard anymore from Hults and his plans for the Packard plant? Was he simply hyping a new venture to attract investors wanting a piece of the action he was promising?

**mikeg19** · September-28-13, 11:23 AM

Originally Posted by night-timer

Has anyone heard anymore from Hults and his plans for the Packard plant? Was he simply hyping a new venture to attract investors wanting a piece of the action he was promising?

Why pay $1M for the place when you pretty much knew nobody was realistically going to bid on the thing? Wouldn't it make more sense on his part to let it go to auction knowing he could scoop it up at $21K? It could be possible he was trying to get some press on it to see if there was interest, but maybe the plan all along was to let it go to auction and get it at a fraction on the price, although I believe he would still need to pay back taxes? Can anyone chime in on that?

**Richard** · September-28-13, 02:14 PM

Originally Posted by mikeg19

Why pay $1M for the place when you pretty much knew nobody was realistically going to bid on the thing? Wouldn't it make more sense on his part to let it go to auction knowing he could scoop it up at $21K? It could be possible he was trying to get some press on it to see if there was interest, but maybe the plan all along was to let it go to auction and get it at a fraction on the price, although I believe he would still need to pay back taxes? Can anyone chime in on that?

Before auction costs.
$960,000 back taxes +/-
$450,000 to the other three investors,two of which will remain silent.
Costs associated with the sale ie title search,fees,inviromentals etc.

Pending lawsuit from adjoining building against property which could involve more costs.

After auction.
First round back taxes only.
Second round starts at 24k but no way will it sell for that.

As it stands it has 1 million sqft that would take less then 4 million to make ready for empty storage or factory space nothing fancy just clean usable space.

At the auction even if you pay $1,000,000 for it clean and clear and put 4,000,000 into for a total of the 5,000,000 where can you buy that kind of space for that kind of money.

The chance of it going to auction is a bidding war even up to 1.5 clean slate it still has value.

To me anyways highest and best use is as it was designed you cannot find a cheaper per sqft anywhere in the country,highest and best use for the city is also as built for job creation and not shops and apartments.