Packard Plant sold... for OVER $6,000,000 [Update: No it isn't]

**Hamtragedy** · October-30-13, 09:45 AM

Originally Posted by softailrider

All the beautiful 1920's brick houses got torched or vandalized or whatever and they're being replaced by that shit? I think I want to cry.

Don't forget that many of those 1910s-1920s homes were also kit houses:

http://www.antiquehome.org/House-Pla...g/Van-Dyke.htm

http://www.antiquehome.org/House-Pla...Charlevoix.htm

http://www.antiquehome.org/House-Pla...ng/Senator.htm

Basically, if you were close enough to a rail line [[the entire city), supplied your own foundation, mason, and plumbing fixtures, the $1,000 or less price tag for the rest of the house had mass appeal. Figure in cheap freight charges, as many of these homes came from Bay City.

Tell me the last one doesn't look like any house over on Field near Charlevoix, or what used to be houses on Garland, St. Clair, or Bewick.

**Armin** · October-30-13, 11:46 AM

Wayne County just cancelled the bid from the looney doctor. thank god.

**downtownguy** · October-30-13, 12:36 PM

And the guy from Chicago is the second highest bid. I say just go straight to the show horse, the guy from Peru. At least he has a successful track record.

Palazuelo, who has visited Detroit and toured the roughly 40-acre site, has said he bowed out of last week’s tax foreclosure auction on the property once bidding exceeded $2 million.

“Yes I am interested,” Palazuelo told the Free Press in an email today. “I am holding meetings with the county today and tomorrow.”

**motz** · October-30-13, 12:56 PM

Originally Posted by downtownguy

And the guy from Chicago is the second highest bid. I say just go straight to the show horse, the guy from Peru. At least he has a successful track record.

Watch Hults totally botch the process again while the Peruvian guy is sitting back saying "WHAT IS WRONG WITH ALL OF YOU"

**SpartanDawg** · October-30-13, 01:07 PM

this is absolutely hilarious.. as soon as i saw her website i KNEW that this was not gonna happen... she must be an alternative medicine doctor.. no way an actual doctor with that much education is as insane as her.

**Honky Tonk** · October-30-13, 01:18 PM

Originally Posted by downtownguy

And the guy from Chicago is the second highest bid. I say just go straight to the show horse, the guy from Peru. At least he has a successful track record.

How dumb, awarding it to the person most qualified. That's NOT the Detroit way.....

**401don** · October-30-13, 02:07 PM

At least they are holding discussions with the 2nd and 3rd bidders, which is what I suggested, instead of automatically reverting to the 2nd highest bid.

**Hypestyles** · October-30-13, 02:09 PM

Is it too late to send a memo to Dan Gilbert?

**Honky Tonk** · October-30-13, 02:21 PM

Originally Posted by 401don

At least they are holding discussions with the 2nd and 3rd bidders, which is what I suggested, instead of automatically reverting to the 2nd highest bid.

I'm not sure of the legal ramifications if it doesn't go to the 2nd highest bidder, but that's exactly what they should be doing. Interview the interested parties, ask to see a game plan, see if it's workable and financially sound. The highest bidder, just like the lowest bidder, isn't always the wisest choice.

**innercitydoc** · October-30-13, 02:23 PM

Ironically, the body of a Wayne State law student was found at the Packard today...sad

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

**Ray1936** · October-30-13, 04:22 PM

Is there one, single thing in Detroit that isn't fucked up?

**townonenorth** · October-30-13, 04:36 PM

Originally Posted by innercitydoc

Ironically, the body of a Wayne State law student was found at the Packard today...sad

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

More like in a vacant lot AROUND the Packard. Wasn't on the grounds.

**48202** · October-30-13, 05:59 PM

Originally Posted by Honky Tonk

I'm not sure of the legal ramifications if it doesn't go to the 2nd highest bidder, but that's exactly what they should be doing. Interview the interested parties, ask to see a game plan, see if it's workable and financially sound. The highest bidder, just like the lowest bidder, isn't always the wisest choice.

The only game plan the county is looking for is cash dollars. If Hults coughs up $2,000,300, he gets it. If not, Palazuelo can cough up $1000 more than the fourth place bidder's high bid, and get it.

**illwill** · October-30-13, 07:24 PM

Originally Posted by illwill

I believe the buyer only had to pay down just over $5000.00 to secure the property. The buyer might end up leaving the down payment and walking away after doing their due diligence.

This happens often in auctions.

I thought this would happen. ANYONE who knows anything about large property development can back me up on this. That property should be sold for $1.00 to a developer with a plan and secure financial backing. It's not worth a cent more. The building will need to be torn down before its value will ever increase.

Maybe someone can tell us how much it would cost to demolish the property, clear the site and prep it for development?

I'd say at least $5 million.

**jt1** · October-30-13, 07:34 PM

Originally Posted by Ray1936

Is there one, single thing in Detroit that isn't fucked up?

I've heard management of the pensions is top notch.

**softailrider** · October-30-13, 07:52 PM

Originally Posted by Ray1936

Is there one, single thing in Detroit that isn't fucked up?

Fisher Building looks fantastic - every time I walk through that building I fall in love with the place all over again.

**Hypestyles** · October-30-13, 08:30 PM

I hope this next person is not a BS-er. I guess we'll see in the next couple of days. or not...

**Danny** · October-31-13, 05:58 AM

Packard Plant deal ANOTHER BUST! That would a be lesson to Wayne County Government. Never bid on folks who have no ideal about Detroit's image.

**Danny** · October-31-13, 06:01 AM

Let's ask Dan Gilbert to buy the plant.

**DetroitPlanner** · October-31-13, 07:32 AM

Originally Posted by Danny

Let's ask Dan Gilbert to buy the plant.

One problem with that. Dan Gilbert is not stupid.

**bailey** · October-31-13, 08:42 AM

Originally Posted by DetroitPlanner

One problem with that. Dan Gilbert is not stupid.

exactly. the more logical fantasy plan/savior would be to get Hantz on this to complete the demo that decades of dereliction have started and expand the tree farming.

**downtownguy** · October-31-13, 02:18 PM

Originally Posted by illwill

I thought this would happen. ANYONE who knows anything about large property development can back me up on this. That property should be sold for $1.00 to a developer with a plan and secure financial backing. It's not worth a cent more. The building will need to be torn down before its value will ever increase.

Maybe someone can tell us how much it would cost to demolish the property, clear the site and prep it for development?

I'd say at least $5 million.

Why would someone take the Packard Plant properties just to tear them down when there is so much other vacant land in the city available now and at less cost?

**daddeeo** · October-31-13, 02:39 PM

These guys must have thought they were bidding on a clown job at Barnum and Bailey. Do any of these guys have the dough for the toxic clean up necessary there? Fernando maybe ABBA next?

**401don** · October-31-13, 02:39 PM

According to Crain's, Mr. Hults' plans include a "very, very high-level hotel." Yeah, I've always thought that site was ripe for a luxury hotel. This really does get more laughable by the minute.

**Honky Tonk** · October-31-13, 03:06 PM

Originally Posted by 401don

According to Crain's, Mr. Hults' plans include a "very, very high-level hotel." Yeah, I've always thought that site was ripe for a luxury hotel. This really does get more laughable by the minute.

There's ALREADY one "very, very high-level hotel" right there. Do you think the area can handle two?

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