Packard Plant owner Fernando Palazuelo has changed his plans for the world-famous Detroit auto factory from reuse to demolition.
The Peru-based developer, who bought the sprawling 40-acre site seven years ago at the Wayne County Treasurer tax foreclosure auction, recently listed the 3.2 million-square-foot property with a commercial real estate firm and is seeking industrial buyers or tenants.
Larry Emmons, senior managing director for Newmark, formerly known as Newmark Knight Frank, said Thursday that Palazuelo would be ready to demolish big sections of the empty plant once one or more tenants are found.
The demolition would be done to make way for “a modern, 21st-Century industrial building.”
Previously, Palazuelo aimed to gradually redevelop sections of the plant for an eclectic mix of cultural and commercial uses, including art galleries, event space, offices, even a techno club in collaboration with famous German nightclub owner Dimitri Hegemann.
He held a 2017