Gibson dating project
One of the most ambitious redevelopment projects in Detroit got under way today with a groundbreaking at the old Packard Plant, which could see its first office tenants next year if plans proceed on schedule.
A crowd of nearly 200 people, including Wayne County Executive Warren Evans, came to celebrate the groundbreaking and hear from Packard Plant owner Fernando Palazuelo.
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The plant then fell into extreme disrepair and attracted gawkers and sightseers from around the globe.Outside Detroit, Palazuelo has purchased an empty warehouse in downtown Toledo that his firm will make into lofts.“We are going to buy more buildings in Toledo. Following an Oscar nomination for Best Actor, Mel Gibson seems to once again be in Hollywood’s favour, having previously been outcast for various comments.He told reporters he recently purchased an empty 500,000-square-foot warehouse building at 1921 East Ferry in Detroit that he plans to convert into a combination parking garage and storage facility.Those who park in the garage can then take a shuttle to the new QLINE, he said. "It took us a lot of time to get several items approved here (the Packard site), so we bought one in Toledo and will probably buy 2 or 3 more.""We have not been inactive," Palazuelo added.
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Financing for the first phase involves a mix of private equity funding from Palazuelo's companies, tax credits, a $300,000 Wayne County loan, an $80,000 county grant and a $5.2-million brownfield environmental cleanup that would reimburse that amount to Arte Express over a period of years.“I am excited to see a project of this scale developed in an area that oftentimes feels forgotten and left out," said Detroit City Councilwoman Mary Sheffield, who represents the area.