“No city in America was hit harder by the economic collapse of ’08 than Detroit, MI. In 2013, it became the largest municipality to ever file for bankruptcy. Waving such a large white flag captured the eye of investors at home and around the world. As local boy done good, Dan Gilbert, began snapping up buildings downtown with an interest in only corporate tenants another Michigander quietly began working with Arte Express.”
“Detroit — More than three years after purchasing the Packard Plant property, with its 43 broken buildings and 45 acres of decayed landscape yet deep automotive history, developer Fernando Palazuelo on Tuesday declared “it’s time to get to work.””
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“The last Packard automobile rolled off the assembly line in Detroit on June 25, 1956. After that, it was used in various ways, but for years the sprawling automobile plant – about 3.5 million square feet – has sat empty and deteriorating.”
Click the link to listen to Stateside’s conversation with Kari Smith, Director of Development of Arte Express.
“One of the most ambitious redevelopment projects in Detroit got under way today with a groundbreaking at the old Packard Plant, which could see its first office tenants next year if plans proceed on schedule.
A crowd of nearly 200 people, including Wayne County Executive Warren Evans, came to celebrate the groundbreaking and hear from Packard Plant owner Fernando Palazuelo.”
“DETROIT — Developers broke ground on renovations at the massive, long-vacant and dilapidated Packard Plant site Tuesday.
A portion of the 3.5-million-square-foot site is being renovated for office space. Tenants would move in next year if constructions goes according to plan, said owner Fernando Palazuelo, a Spanish-born businessman who purchased the sprawling, historic former Packard Motor Car Company campus at auction in 2013.”
“The largest renovation project in North America officially broke ground on Phase One of a multi-phase, long-term redevelopment on Detroit’s lower east side. The long-abandoned Packard Plant now officially starts construction on the renovation of the Administration Building and bridge across East Grand Boulevard.”