{"id":1004086134,"date":"2013-10-31T06:08:03","date_gmt":"2013-10-31T14:08:03","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=209700"},"modified":"2020-05-18T01:24:49","modified_gmt":"2020-05-18T09:24:49","slug":"texas-doctor-wins-bid-for-packard-plant-but-will-she-pay","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/texas-doctor-wins-bid-for-packard-plant-but-will-she-pay\/","title":{"rendered":"Texas Doctor Wins Bid for Packard Plant\u2014But Will She Pay?"},"content":{"rendered":"<p><em>By Veronica Grecu, Associate Editor<\/em><\/p>\n<p>After an intense bidding war that amounted to 117 online bidders and last-minute skyrocketing amounts, the largest industrial ruin in Detroit was sold to a family practice doctor from suburban Dallas, for just above $6 million. It appears that Jill Van Horn of Ennis, Texas, who won the Wayne County tax-foreclosure auction for the abandoned Packard Plant, along with several still-to-be-identified investors from Detroit, think they could revive the century-old and crumbling plant.<\/p>\n<div id=\"attachment_209704\" class=\"wp-caption alignright\" style=\"width: 310px\"><a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2013\/10\/Packard-Plant-Detroit.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-209704\" title=\"Packard Plant Detroit\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2013\/10\/Packard-Plant-Detroit.jpg\" alt=\"\" width=\"300\" height=\"152\" \/><\/a><\/p>\n<p class=\"wp-caption-text\">Packard Plant entrance<\/p>\n<\/div>\n<p>Wayne County had set a deadline for 4:15 p.m. on Monday, October 28, but <em><a href=\"https:\/\/www.crainsdetroit.com\/\" rel=\"nofollow\">Crain\u2019s Detroit Business<\/a><\/em> reports that Van Horn failed to make the payment and finalize the deal for the 3.5-million-square-foot property. However, a rather strange statement that likened Detroit\u2019s asset potential to hydroelectric power was released on Tuesday by Van Horn\u2019s spokesman, Davis Marshall. Consequently, Wayne County officials extended the payment deadline for Wednesday, October 30.<\/p>\n<p>Though vague and bizarre, the speech-like statement released on behalf of the winning bidder points out that \u201cunder the development plans that Jill Van Horn has co-designed for Detroit, the city will develop through a variety of financial mechanisms\u201d provided by the joint effort of unnamed investment bankers, Hedge Fund lenders, local developers, private investors and foundations.<\/p>\n<p>Designed by Albert Kahn\u2014one of the most famous industrial architects in the country\u2014 in 1903 as the headquarters and assembly line of the former Packard Motor Car Company of Detroit, the automotive plant sits on more than 40 acres on East Grand Boulevard, in Detroit\u2019s East Side. The factory made luxury Packard cars until 1958 when it was shut down, although various smaller businesses continued to operate within some of the 40 buildings until the late 1990s. Wayne County officials foreclosed on the decaying property earlier this year because of almost $1 million in unpaid taxes that owner Dominic Cristini had refused to pay.<\/p>\n<p>Currently an edgy destination for photographers and graffiti artists, the Packard Plant could become an \u201ceconomic engine\u201d for the city. According to <em><a href=\"https:\/\/www.detroitnews.com\/article\/20131028\/METRO01\/310280079\" rel=\"nofollow\">The Detroit News<\/a><\/em>, Jill Van Horn and her partners plan to transform the property into a modular home factory where thousands of people would be employed. But it remains to be seen if Van Horn\u2014who allegedly doesn\u2019t have any real estate background\u2014will indeed pay for the plant. If she fails to meet the deadline, the plant could be sold to the second top bidder, Illinois-based  Bill Hults who offered $2.2 million for the plant.<\/p>\n<p>UPDATE: Detroit Free Press reports that Jill Van Horn&#8217;s bid was cancelled after the Texas doctor failed again to make a downpayment for the Packard Plant. This means that Bill Hults, the second bidder, has until 4 p.m. Thursday to deliver the cash.<\/p>\n<p>&nbsp;<\/p>\n<p><em>Image via Google Maps<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>After an intense bidding war that amounted to 117 online bidders and last-minute skyrocketing amounts, the largest industrial ruin in Detroit was sold to a family practice doctor from suburban Dallas, for just above $6 million. It appears that Jill Van Horn of Ennis, Texas, who won the Wayne County tax-foreclosure auction for the abandoned Packard Plant, along with several still-to-be-identified investors from Detroit could breathe new life into the century-old crumbling plant.<\/p>\n","protected":false},"author":258,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1495,21742],"tags":[1815],"class_list":["post-1004086134","post","type-post","status-publish","format-standard","hentry","category-detroit","category-latest","tag-national"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Texas Doctor Wins Bid for Packard Plant\u2014But Will She Pay? - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/texas-doctor-wins-bid-for-packard-plant-but-will-she-pay\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Texas Doctor Wins Bid for Packard Plant\u2014But Will She Pay?\" \/>\n<meta property=\"og:description\" content=\"After an intense bidding war that amounted to 117 online bidders and last-minute skyrocketing amounts, the largest industrial ruin in Detroit was sold to a family practice doctor from suburban Dallas, for just above $6 million. It appears that Jill Van Horn of Ennis, Texas, who won the Wayne County tax-foreclosure auction for the abandoned Packard Plant, along with several still-to-be-identified investors from Detroit could breathe new life into the century-old crumbling plant.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/texas-doctor-wins-bid-for-packard-plant-but-will-she-pay\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2013-10-31T14:08:03+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-05-18T09:24:49+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2013\/10\/Packard-Plant-Detroit.jpg\" \/>\n<meta name=\"author\" content=\"Veronica Grecu\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@VeraGrecu\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/texas-doctor-wins-bid-for-packard-plant-but-will-she-pay\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/texas-doctor-wins-bid-for-packard-plant-but-will-she-pay\\\/\"},\"author\":{\"name\":\"Veronica Grecu\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/e8362e8641769829162f16fe58091f62\"},\"headline\":\"Texas Doctor Wins Bid for Packard Plant\u2014But Will She Pay?\",\"datePublished\":\"2013-10-31T14:08:03+00:00\",\"dateModified\":\"2020-05-18T09:24:49+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/texas-doctor-wins-bid-for-packard-plant-but-will-she-pay\\\/\"},\"wordCount\":465,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/texas-doctor-wins-bid-for-packard-plant-but-will-she-pay\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/synd.yardi.com\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2013\\\/10\\\/Packard-Plant-Detroit.jpg\",\"keywords\":[\"National\"],\"articleSection\":[\"Detroit\",\"News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/texas-doctor-wins-bid-for-packard-plant-but-will-she-pay\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/texas-doctor-wins-bid-for-packard-plant-but-will-she-pay\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/texas-doctor-wins-bid-for-packard-plant-but-will-she-pay\\\/\",\"name\":\"Texas Doctor Wins Bid for Packard Plant\u2014But Will She Pay? 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