“The old Packard plant is the archetypal symbol of Detroit’s decline. Open up a newspaper or magazine story on Detroit’s woes, and a picture of that hulking ruin will likely accompany it, with a description of how scrap thieves and arsonists are stripping bare its bones. It is one of the spookiest places I have ever been, the last remnant of a vanished company from a vanished era.”
“Fernando Palazuelo, a developer who lives in Lima, Peru, and founder of Arte Express, talks with Bloomberg’s Chris Christoff about his purchase of Detroit’s abandoned Packard plant. Palazuelo paid $405,000 in a tax foreclosure sale to obatin the industrial wreck. He plans to transform it into a center for automotive suppliers, offices and shops”
“As urban ruins go, not much tops Detroit’s Packard plant, a sprawling corpse of steel and brick that hasn’t produced a car since 1956 and that became a haven for scrap thieves, arsonists and the homeless.
“Where others see 40 acres (16 hectares) of devastation, Fernando Palazuelo of Lima, Peru, sees charisma, architectural challenge — and a bargain. He paid $405,000 in a tax-foreclosure sale to obtain the industrial wreck by year-end. He plans to make it a vibrant hub of automotive suppliers, offices, shops, lofts and maybe even a go-kart track in the city that filed the largest U.S. municipal bankruptcy.”
“’It’s the best opportunity in the whole world,” Palazuelo, a 58-year-old developer, said in an interview in Detroit. He said he’ll use his experience restoring dozens of buildings in Lima and his home country, Spain, to begin a $350 million makeover in Detroit. He plans to live at the site.'”