Detroit's old disused factory to get new life
Packard auto plant is being converted to a commercial, art and residential magnet
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Lansing, Michigan
DETROIT'S biggest ruin, the 16-hectare Packard auto plant, will begin a European-inspired rebirth this summer under a plan that officials hope will revitalise one of the city's poorest neighbourhoods and symbolise a reversal of 50 years of economic decline.
Fernando Palazuelo, a Spanish developer based in Peru, seeks to raise as much as US$500 million to turn the former factory into a commercial, art and residential magnet. Mr Palazuelo, 60, who bought the mammoth eyesore for US$405,000 at a tax sale in December 2013, has hired Albert Kahn Associates, the same Detroit architecture firm that designed the 3.5 million square foot plant in 1903.
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