It appears plans for a residential and entertainment complex for the ruins of the Packard Plant are on hold.
The new schedule for the Packard: It could go to the highest bidder after a developer blew deadlines to acquire the factory that has become one of the city’s most recognizable ruins, Christine MacDonald writes in the Detroit News.
Chicago-area developer Bill Hults missed another deadline Friday to come up with $1 million to pay back taxes on the plant. A top county treasury official said Monday he’s focused on selling the factory at a foreclosure auction.
“We received a communication from Bill Hults on the Packard Plant acquisition indicating he had a major investor withdraw last week,” Chief Deputy Treasurer David Szymanski wrote in an email to MacDonald.
“He indicates he has been working with a backup group of investors who are seeking to verify that they have the funds necessary to proceed. As of this time we have no verification of funds and the property continues to be available through the auction.”
Monday, Hults sent the Detroit News a text message saying “the financial complexity of this deal is very complicated so naturally it takes longer to complete.”
