National CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Blighted Detroit Packard Plant Targeted For MXU Redo
A blighted plant on Detroit’s east side could become an active redevelopment site, provided the Detroit City Council approves a tax-freeze plan to cover the 10-15-year project’s first phase. Assuming the city council approves the plan, Arte Express Detroit, which owns the 40-acre, 3.5-million-square-foot site that once held the Packard Automotive plant, could begin a nearly half-billion-dollar, mixed-use renovation. The plant is located at East Grand Boulevard and Concord Avenue.
Arte Express’s Fernando Palazuelo acquired the site for $405,000 in 2013 in a Wayne County tax foreclosure auction. To date, Arte Express has spent $3 million on security to protect the site, though little construction has been performed. Upon council approval, the project will go north in four phases, which will take several years to complete.
For comments, questions or concerns, please contact Amy Sorter
- ◦Development
- ◦Sale/Acquisition
