Peruvian developer Fernando Palazuelo made big headlines in 2013 when he purchased the long-abandoned Packard Plant on Detroit's east side. The property, which consists of 47 buildings and spans 40 acres, is perhaps the most daunting re-development project in all of the city of Detroit, which is saying a lot. Nonetheless, Palazuelo appears to be moving forward with plans for the massive ruin. According to Crain's Detroit Business, he has retained an architecture firm (Albert Kahn Associates) and a general contractor (O'Brien Construction Co.) to begin work on the rehab of a 150,000-sq-ft administrative building on the Packard property.
According to the same Crain's piece, however, those plans represent only a fraction of Palazuelo's Detroit ambitions:
"[Palazuelo] said in an interview with Crain's last week that he plans to make offers to buy five of greater downtown's most storied buildings: the 255,000-square-foot Book Tower and adjoining 260,000-square-foot Book Building; the 996,000-square-foot Penobscot Building; and the Albert Kahn Building and Fisher Building in the New Center Area, which total 925,000 square feet."
The Peruvian developer claims that he has the backing of a Lima-based private equity firm with over $500 million in assets.
Read more about Palazuelo's Detroit plans in Crain's Detroit Business.