Re: Packard Plant Update - 2/12/2021

Posted by RogerDetroit on 2021/2/13 12:51:45
John, Palazuelo only plans are to get away from this property – he no longer wants it. Years ago experts told him to market it as an industrial or warehouse property, but he would not listen. Only now is his real estate agent marketing it this way.

Kevin is right that the property is “ready for redevelopment.” But in my opinion, it will not be razed anytime soon. It will be left to rot until someone has the money to tear it down.

Remember Palazuelo does NOT own the entire site. The City of Detroit owns buildings on the south side of E. Grand Boulevard and has torn down several of them. But Detroit has run out of money. City council just passed a resolution to sell $250 Million of bonds to demolish 16,000 vacant homes in the city. However, the city owns 102,330 vacant homes that need to be demolished.

There are a lot of cities in America that don’t contain 102,330 homes, let alone need to tear down that many. Demolishing the remaining 86,330 vacant homes will take another $1.35 Billion (yes, with a “B”). So no money left for the CofD to tear it down.

As Kevin and Leeedy mention it is tiring and it is sad and the only reason it still stands is because it costs too much to tear down.

And then what? You’ll have 40 acres of vacant land in a city with 43 square miles of vacant land. I suspect I will be gone before the PMCC Plant is gone.

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