Second-place bidder given extension to pay for Packard Plant - DC News FOX 5 DC WTTG

Second-place bidder given extension to pay for Packard Plant

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An aerial view of the Packard Plant An aerial view of the Packard Plant
DETROIT, Mich. (WJBK) -

The Chicago-area developer in line to buy Detroit's abandoned Packard Plant has being given more time to come up with the cash.

Today was the deadline for William "Bill" Hults to put up $1.9 million for the balance of the deal. Instead he was given a one-week extension, provided he wire a $300,000 non-refundable payment.

No word yet on if Hults has paid the deposit.

Editor's Note: That second deposit will be in addition to the already $100,000 he has paid in security-deposit funds.

The developer hopes to turn the 3,500 acre site into a commercial, housing and entertainment complex.

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