Developer From Peru Has Eye on Detroit

05packard-master675“DETROIT — It was late Friday afternoon before Labor Day weekend when Fernando Palazuelo reached the head of the line at the tax collection window of the treasurer’s office in Wayne County, Mich.”

“He had traveled 3,700 miles from Lima, Peru, to make a simple request. ‘I am interested in buying the Packard plant,’ he said. ‘And I want to speak to the man in charge.’”

http://www.nytimes.com/2014/02/05/realestate/commercial/a-developer-from-peru-has-big-plans-in-detroit.html?_r=0

Can a Lima-based developer help resurrect Detroit?

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“Fernando Palazuelo, a real estate developer originally from Spain, has purchased the abandoned Packard plant in Detroit— and he has a plan to bring the bankrupt city back to its former glory.

“The Packard plant, a hulking complex that occupies 40 acres in the eastern part of the city, is generally considered a symbol of the decline of the automotive industry in Detroit.”

http://www.peruthisweek.com/news-can-lima-based-developer-resurrect-detroit-102172

Developer From Peru Has Eye on Detroit

Fabrizio Costantini for The New York Times
Fabrizio Costantini for The New York Times

“DETROIT — It was late Friday afternoon before Labor Day weekend when Fernando Palazuelo reached the head of the line at the tax collection window of the treasurer’s office in Wayne County, Mich.”

 

http://www.nytimes.com/2014/02/05/realestate/commercial/a-developer-from-peru-has-big-plans-in-detroit.html

Spanish developer for Detroit’s Packard Plant to move in April 9; hear him explain bold purchase

Tanya Moutzalias | MLive.com
Tanya Moutzalias | MLive.com

“DETROIT, MI – The new Spanish owner of Detroit’s blighted Packard Plant shared recently with Public Radio International his plans for redevelopment of the 40-acre (3.5 million square feet) site and a goal of moving into the place by April 9.”

 

http://www.mlive.com/news/detroit/index.ssf/2013/12/spanish_developer_of_detroits.html

This Spanish developer helped rebuild Lima and now he’s betting big on remaking Detroit

Courtesy of Fernando Palazuelo
Courtesy of Fernando Palazuelo

“The abandoned Packard Plant in Detroit is one of the most famous buildings to be sold after the city filed for bankruptcy. It’s famous both for its mammoth size — 40 acres in the eastern part of the city — and its state of ruin.”

 

http://www.pri.org/stories/2013-12-27/spanish-developer-helped-rebuild-lima-and-now-he-s-betting-big-remaking-detroit

For Detroit, a Face-Lift at Ground Zero

iuGi2g.tLe30“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.”

http://www.bloombergview.com/articles/2013-12-17/for-detroit-a-face-lift-at-ground-zero

 

Detroit Packard Plant Buyer Says He’s No Dreamer

Untitled-1“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”

http://www.bloomberg.com/news/videos/b/25912ed9-66f6-4f10-a917-736fc7832fb4

Packard-Plant Buyer Predicts Rebirth for Symbol of Detroit Decay

bloomberg

 

“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.'”

http://www.bloomberg.com/news/articles/2013-12-17/packard-plant-buyer-predicts-rebirth-for-symbol-of-detroit-decay