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Developer makes full payment for old Packard plant

January 2, 2014 GMT

DETROIT (AP) — A developer from Peru has been issued the deed to the blighted Packard car plant complex in Detroit.

WDIV-TV and reported Thursday that Fernando Palazuelo has made the full payment for the 40-acre property.

He bid $405,000 for the property last year during a county tax foreclosure auction. Palazuelo finished third, but had the option to buy the property because the two lead bidders failed to meet county timetables for paying some or all of the money.

Palazuelo says he plans to build an apartment for himself on the property and use the site for residential, retail, offices, light industry, recreation and art.

The east side plant was built in 1903. The last Packard automobile was built there in the mid-1950s.

Smaller industrial businesses used the facility afterward.