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One of Palazuelo's backers has bailed out, and taken their $80M in funding for the renovation with them.

Palazuelo is continuing with asbestos removal in the Admin building using his own money. He says cleanup with be done in about 3 1/2 months and renovation of the Admin building will be complete early next year.

Details at the link.

http://www.crainsdetroit.com/article/20160124/NEWS/160129920/packard-plants-owner-says-project-moving-forward-despite-loss-of-80?utm_campaign=socialflow&utm_source=facebook&utm_medium=social

What are they figuring on using the old plant for?

John

Palazuelo intends to move the headquarters of his own company into the admin building, and possibly a Packard museum.

Other sections could be used for light industry. Retired fighter Thomas Hearns reportedly has expressed interest in locating a gym there. Palazuelo says he would like to put condos in some of the buildings, but it's such a sketchy neighborhood, with no nearby amenities, people question that idea.