Chicago Man Misses Deadline for ex-Detroit Plant

By: Associated Press
By: Associated Press

DETROIT (AP) -- Wayne County officials say a Chicago developer has missed a payment deadline in his bid for a sprawling former Detroit car plant and they've turned to another bidder.

Authorities on Friday announced that William Hults failed to make another $100,000 payment on his $2.003 million bid for the Packard complex. He had paid $200,000 in nonrefundable deposits but missed deadline extensions -- and was given until Friday to pay the rest.

County officials said they have contacted the next bidder, Fernando Palazuelo of Peru. He owes $405,000 -- based on his bid in a tax foreclosure auction.

A Texas doctor's $6 million top bid on the blighted property was thrown out last month after she missed a payment.

Palazuelo seeks to redevelop the site for commercial, residential and entertainment uses.

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