Transformation of World's Largest Abandoned Factory in Detroit Still on Track - Despite loss of

The video attached to this story features the world's largest abandoned factory. Well, it was abandoned.

Now it looks like this massive run down structure, and former symbol of U.S. industrial power, might be transformed into something productive again.

Video and Story by: Rick Walker

with files from: Maverick News

The Packard Auto Plant opened in 1903,and operated until 1958.

At its peak, 40,000 Detroit autoworkers were employed here.

The factory has become a symbol of Detroit's decay.

In 2014 the factory was sold in a municipal auction for a little over 400-thousand dollars.

Now, a group of investors lead by developer Fernando Palazuelo has formed a company called Arte Express to revitalize the property. The money is coming from parent companies in Peru, and even though one investment firm has pulled 80-million dollars out of the project because of concerns over the health of the global economy, the project is still moving forward according to the C.E.O. with no plans to scale back.

Over two million dollars has already been spent to clear up a portion of the property, but the project could cost more than 700-million dollars.

If completed the old Packard plant will be transformed into a complex that will be used for a mix of retail, residential and other uses.

The property is now monitored around the clock by security, reducing problems with vandalism and arson, and local residents in Wayne County Michigan are hoping the project will help restore prosperity to a community that was once home to an automotive company that once produced some of world's most beautiful and most prestigious cars.

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