Prospective Packard buyer plans to live at site

DETROIT (AP) — A prospective buyer of a sprawling former car plant that for years has been a symbol of Detroit's decline says he plans to live at the site as he redevelops the property.

Fernando Palazuelo tells the Detroit Free Press (http://on.freep.com/1c6pHoT ) he plans to close the deal for the Packard complex within weeks. He says he'll build an apartment for himself and has a roughly $350 million plan to use the site for residential, retail, offices, light industry, recreation and art.

Palazuelo says the project could take 10 to 15 years or longer.

A leasing office in the complex's well-known bridge across East Grand Boulevard and an upscale go-kart racing track are among Palazuelo's ideas.

Palazuelo bid for the 40-acre property this year during a Wayne County tax foreclosure auction.

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Information from: Detroit Free Press, http://www.freep.com

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