Re: Packard Plant (Maybe) Sold - $6.0 Million

Posted by BDC On 2013/11/21 8:19:14

Buying the property isn't that hard, the problems begin when you own it:
- securing the property
- removing of hazardous materials
- cost having hazardous materials environmentally friendly turned into non hazardous materials.
- epa would have a hey-day with you.
- (back) taxes
- most likely the soil is drenched with chemicals, so that has to be hauled to be cleaned snd replaced with clean dirt.
- as big as those buildings are there will be a lot of concrete in the ground that needs to come out.

And what if you cleared the whole property; you have several blocks of real estate in 1 of America's most impoverished city. Crime is high, local economy is terrible, half the city is vacant. Even if you were able to put apartments or an amusement park on it who is gonna come? Its not the field of dreams: when you build it they will come.