Posted Aug 7, 2016, 4:51 PM
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Join Date: May 2012
Location: Metropolitan Detroit
Posts: 712
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Slowly but surely it seems the pieces are coming together for the Packard Plant, besides the famous building 21 that produced Rolls Royce Merlin engines for the p-51 fighter of ww2 (which was kind of a side project) little work has been done so far. But according to Fernando Palazuelo that is about to change if city council approves a tax freeze in September they expect work to start on the 10-15 year project.
Quote:
Packard Plant redevelopment could actually happen soon
JC Reindl
Detroit Free Press
August 6, 2016
The sprawling ruin of the Packard Plant on Detroit’s east side has been a magnet for metal scrappers, a post-apocalyptic movie set and an emblem of the city’s past industrial glories and more recent distress.
Now, for the first time in many decades, the old factory could be an active construction site.
A planned 10- to 15-year redevelopment of the property could get under way if Detroit City Council acts next month on a tax-freeze plan that would cover the project’s first phase, said Kari Smith, director of development for Arte Express Detroit, the firm belonging to plant owner Fernando Palazuelo.
The start of construction would be a key milestone for the Spanish-born Palazuelo, who attracted considerable curiosity and media attention after picking up the blighted Packard Plant for $405,000 in late 2013 in a Wayne County tax foreclosure auction. He then pledged the improbable — to restore and reopen the factory complex as a modern mixed-use commercial, residential and cultural development.
But 2½ years later, no redevelopment has actually taken place at the historic 40-acre site on Detroit’s east side. And many remain skeptical that the enormous effort will ever succeed — or even get off the ground — given the nearly half-billion-dollar price tag of the project that Palazuelo has envisioned.
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His Arte Express has reported spending about $3 million on the project, including costs of the 24-hour security patrols that stopped the previous scrapping, trespassing and arson epidemics on the site.
Mayor Mike Duggan’s office would not comment on the latest plans revealed by Arte Express and referred the Free Press to Detroit City Council, which is on recess and scheduled to reconvene on Sept. 6.
Councilwoman Mary Sheffield, whose district encompasses the Packard site, said she is aware of the tax-freeze proposal and likes the idea to help boost development in the area.
“It’s exciting just to see this scale of development outside of Midtown and downtown,” she said. “I see it as a catalyst development. Hopefully things will begin to spread out of that area.”
This initial work would involve Phase I and Phase II: a gut renovation of the former Packard Motor Co.’s corporate offices into modern office space, and the creation of a recreational complex whose details are still to come. Work crews could start on the first phase as soon as council approves a plan to freeze the site’s property taxes at current levels for 12 years, Smith said.
A Phase III and IV would take shape later and involve various entertainment and cultural attractions, including a proposed techno club, hostel, artist live-work space and European-style spa. More phases would then follow.
To be sure, progress has so far gone slower than Palazuelo first anticipated. He also has missed several self-imposed deadlines for building an apartment for himself inside the Packard Plant to observe construction. (Those apartment plans have been pushed back until buildings are actually finished.)
Palazuelo’s biggest hurdle is still assembling the financing — an estimated $400 million to $500 million to achieve his Packard Plant dream. Arte Express claims to have the $11 million to $12 million for the project’s initial phase and an undisclosed sum that is needed for Phase II, yet beyond that, financing plans are more tenuous.
Palazuelo has redeveloped more than 100 old buildings in his native Spain and current home of Lima, Peru. But never before has he tried an undertaking of the Packard Plant’s size and complexity. He visits Detroit about once a month, although he was not in town last week and had his project manager, Smith, share details of their progress.
“We have a lot of buildings out here to renovate,” Smith said. “We are looking forward to actually getting to work.”
http://www.freep.com/story/money/bus...roit/87913012/
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Edit; Hope it finally happens. I wonder what the annual income for a couple sq mile radius of that point would come out to be, i remember when the 8 and woodward project was going ahead the fact that the area's median income was like $75,000~ and it included one of the most damaged neighborhoods in the city (state fair) i would think that bloomfield park's area's median income would be even higher.
Quote:
Bloomfield Park site has new name, new plan
August 07, 2016
By Crain's Detroit Business
The long-anticipated build-out of the former Bloomfield Park site at Telegraph and Square Lake roads is finally on the docket.
Demolition is expected to begin within 90 days at the Village at Bloomfield site in Bloomfield Township and Pontiac, according to the project's developer, Redico LLC.
Redico President, CEO and COO Dale Watchowski said last week that construction at the Village at Bloomfield, which is the new name of the half-built development, will begin this year as well. The project is expected to include up to 300,000 square feet of new retail space — including a movie theater and grocery store — along with 300 to 350 residential units.
Redico and California-based Pacific Coast Capital Partners LLC purchased the site last year after the previous owner waived redemption rights to the property.
The Village at Bloomfield, the architect of which is Detroit-based SmithGroup JJR Inc., is expected to cost approximately $180 million.
Construction was halted at the half-completed, 18-building Bloomfield Park complex in November 2008 after the project faced financial and legal challenges under previous ownership.
http://www.crainsdetroit.com/article...-name-new-plan
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Good news concerning the chances of a new major leauge soccer stadium and associated development, Gilbert and Gores apparently haven't blinked at the potential doubling of the licencing fee to $200 million, Wayne Co. has said its going to complete the fail jail if they aren't fully reimbursed for the losses in a potential deal. Its been a bit of a mystery ever since construction ended whats going to become of the site at the very least it could mean that wayne co going forward with the motions to begin to reassess the building for completion could be a negotiating tactic, who knows tho G&G didn't seem too ready to refund wayne co tax payers for ficano's shady dealings.
http://www.crainsdetroit.com/article...-gores-gilbert
Last edited by Docta_Love; Aug 7, 2016 at 6:39 PM.
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