Packard's new top bidder plans luxury hotel and mixed-use, manufacturing space | Crain's Detroit Business:"Bill Hults, the latest possible redeveloper of the Packard plant site, said the overall investment of his Packard Detroit LLC for the site could be between $750 million and $850 million to turn it into a 120-room "very, very high-level hotel" with about 750-plus loft residences, dining and commercial space.
Hults was the second-place bidder in Friday's auction sale of the site; earlier today, a $6.038 million sale of the plant to an investment group including Texas doctor Jill Van Horn was canceled after the group failed to make a down payment by noon.
Hults' bid was $2,003,000; that payment will be due to the county on Thursday.
Joe Kopietz, the Clark Hill attorney representing Packard Detroit, Hults' development entity, said the plan also includes light manufacturing space.
Hults said he was told the property could be valued at $1.65 billion when it's complete."
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