As Wayne County waits on developer, Packard plant goes on auction block
A development deal for Detroit’s derelict Packard plant remains in limbo this afternoon. Chicago developer William Hults has yet to complete a transfer of cash to the county that would allow him to buy the Packard out of foreclosure for $1 million in back taxes.
Hults has talked of turning the blighted 40-acre site on Detroit’s east side into a commercial, housing and entertainment complex.
Wayne County Treasurer Chief Deputy David Szymanski tells Detroit 2020 the Packard site has now been included in the September auction of foreclosed properties. He did not close the door on a deal if the developer comes up with the money.
Szymanski emailed this statement to Detroit 2020 this afternoon:
“We are awaiting receipt of documentation relative to the efforts they have made to escrow the funds. Having not received it I cannot comment. We are open to the idea of the Hults group redeeming the property subject to our requirements that the taxes be paid current and the property be demolished or secured and maintained but have not received information to allow us to proceed. Currently the property is offered in the auction.”
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