January 24, 2017
Arte Express Detroit LLC, the Detroit, MI-based holding company of Peruvian developer Fernando Palazuelo, has targeted this spring to launch construction on a 121,000-square-foot former Packard administration building on East Grand Boulevard. The developer will close on the financing of $17 million to $21 million within the next two months.
Committed tenants for the four-story building include Silveri Architects, Environmental Consulting & Technology Inc., Testing Engineers & Consultants, Sterling Security and the Detroit Training Center. Construction is anticipated to last through the end of 2018, with tenants moving into the space by Q1 2019.
Arte Express owns the entire 40-acre, 3.5-million-square-foot site at East Grand and Concord Avenue that once housed the Packard Automotive plant.
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