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

Posted by RogerDetroit On 2013/10/28 12:55:33

No, actually the bidding was "frenzied."

"The auction extended after the 4:45 p.m. deadline on Friday in five-minute increments as participants upped their bids by sums of $1,000 to $4,000. It finally ended at about 5:20 p.m. after more than 110 bids."

So I would call that at least "spirited" bidding.

Now the latest:http://www.detroitnews.com/article/20131028/METRO01/310280079#ixzz2j2Xhd5KD

"Chief Deputy David Szymanski said he emailed with the bidder Monday and plans to talk with someone at noon. But she hasn't paid the $6 million yet. Szymanski has said the deadline for payment is the close of Monday but acknowledged he may extend it.

"We are hopeful they are going to perform," Szymanski said.

Marshall said Van Horn's Detroit partners prompted her to get involved, telling her "you've got to do this. It can be an economic engine on the east side." Marshall said Van Horn's partners are land developers who have built "hotels, housing, doctor's offices."

As a part of the sale, the county will require the buyer to secure or demolish the property in six months or the county can seize the property back.

Marshall said it's too early to say how much of the plant they can save and how much would be demolished."

Whatever, there are PLENTY of vacant land and factory buildings in the Detroit area that are move in ready and without the need to remediate them first before you start building modular homes.