No bids on the Packard Plant
No one offered up the minimum bid of about $1Million to own the historic but crumbling 40-acre facility.
Chicago area developer Bill Hults announced plans earlier this month to purchase and re-develop the plant. He promised to turn the hulk into a shopping, residential and commercial complex.
But at 4:30 today, bidding on the property closed in the Wayne County foreclosure auction. The property is expected to be offered again in the county’s October auction when each of the 42 parcels will be offered for an opening bid of just $500. That means the entire plant could be had for $21,000.
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