The Packard Plant in Detroit is Coming Back to Life
The Packard plant in Detroit is nothing but an empty shell. But one developer has plans to breath some new life into the once bustling building. Fernando Palazuelo is a Peruvian real estate developer who bought the plant about 18 months ago and refurbishment is set to start with the pedestrian bridge that crosses East Grand Boulevard. It is now draped with a printed cover that shows how the bridge looked back in the 1930s. It's the first step in what will be a very long process. Behind the curtain is nothing but a bunch of ruined brick and broken windows, but Palazuelo plans to fix the bridge and the adjoining buildings. He estimates that it could cost $300 million to complete and will like take decades, but the finished restoration will breath new life into the area economy. RELATED: See The 1948 Packard Super Eight Sedan
The first phase is set to begin on July 1st with refurbishment of the bridge and the former Packard administration building. If the work goes as planned, then the building will be ready for tenants in 2017. The estimated cost of this first phase of construction is $20 million, but he hopes to bring that down to $12 million as work progresses.
Palazuelo paid $405,000 for the 40-acre site when it went up for auction in 2013. According to Detroit Free Press, he has since paid an additional $2 million for 24-hour-security and other expenses related to getting everything secure and ready for refurbishment. Already there are tenants expressing an interest in the completed space, so Palazuelo's plan is looking good, so far.
RELATED: See The 1956 Packard Caribbean Hardtop
Click Here to Read the Original Article on BoldRide