The Packard Plant had an exciting day Thursday.
Fenando Palazuelo made the final payment to purchase the Detroit's little scrapper city.
The Peruvian developer placed the final $364,590 in escrow for Wayne County, paying a total of $405,000. The money will be released to the county by Dec. 31, when an environmental assessment of the property is complete.
Palazuelo plans to drop an additional $350 million to redevelop the site over the next 15 or so years, filling it with light industry, retail, offices, a go kart contraption and also his home.
In its excitement, the Packard Plant also caught on fire Thursday. Scrappers disrupted a natural gas line, creating a "blow torch" effect, according to the Detroit News.
The utility’s crews mapped out an access point to the gas line outside the building and used a small crane to dig toward it. The process likely was made more laborious, given that the Packard Plant tunnels were built to be bomb-proof, Kirschner said. The tunnel is 12 feet underground and some of the ceilings are 5-6 feet thick.
Fire is not uncommon at the site. (Hopefully someone told Palazuelo.)
Palazuelo will have to attempt to secure the property or demolish it within six months or risk having it seized back by Wayne County.
Previous Coverage: Bill Hults Still Can't Pay For Packard Plant; Building Offered To Next Highest Bidder
Bill Hults Development Plan For The Packard Plant
Packard Plant Buyer Jill Van Horn's Release: A Hot Mess Of Weirdness
