Back in 2013, Fernando Palazuelo, owner of real estate development firm Arte Express, purchased the space for $405,000 in a Wayne County tax foreclosure auction. The goal: to reopen the factory complex as a restored environment used for residential, commercial and cultural development projects. Recently, Dimitri Hegemann, founder of Berlin’s Tresor techno nightclub, has expressed interest in expanding his enterprise overseas. Specifically with Palazuelo and his newer purchase.
We expect it’s going to take a number of years to pull a profit — but that’s not our main goal,” Smith said. “Our main goal is the architectural renovation of these buildings and the benefits that this transition is going to have for the community.”
The later stages of development for phase III and IV won’t take place until later which is where all the fun begins. Entertainment and cultural experiences would make up the rest of the establishment that provide a variety of attractions including a hostel, an artist live-work space, European-style spa and a techno club. The purposed redevelopment of the plant will be take an estimated 10 to 15 years.
Source: Fact Mag