By Anthony Alaniz
The Packard Automotive Plant in Detroit, Mich. has been, and still is, a symbol of the tumultuous times currently facing the Motor City.
The complex closed in 1958, though numerous other businesses operated on the premise until the 1990s.
In an attempt to clean up the 3,500,000-square-foot plant and the 40 acres of land the plant is situated on, the city of Detroit has auctioned off the plant to the highest bidder.
Two previous bidders have fallen through on their promise of closing the deal, and now Peru-based developer Fernando Palazuelo is the current prospective buyer.
He hopes to have the deal finalized in the coming weeks and has ambitious plans for the property.
In an interview with The Detroit Free Press, Palazuelo said that he plans to approach the Detroit Three automakers seeking supply companies that may want to open in a remodeled version of the plant in return for free rent.
Palazuelo also plans on building an upscale go-kart track on the property as well and even teased the idea of a motor-racing track fit for professional competitions.
Palazuelo has already wired the down payment for the plant: 10% or $405,000. He has until Dec. 18 to pay the remaining balance. Palazuelo believes it will take 10 to 15 years to complete the projects he has in mind for the plant.
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Source: The Detroit Free Press