Herb Strather, Detroit blight Buyer Makes a Wednesday Deadline
Herb Strather, the Detroit developer made a deadline for Wednesday 4:30 p. m. for making a ten percent down payment for his $3 million bid for the shattered and foreclosed properties in the city.
David Szymanski, the county Chief Deputy Treasurer said the wire transfer of $315,000 is likely to clear by Thursday morning.
Texas-based Eco Solutions which is a venture of Strather and his partner for blight-buying placed a bid of $3,183,500 for more than 6,000 of what can be termed as the worst properties of Detroit. These properties are spread all over city and were a part of a package in the tax-foreclosure auction of Wayne County Treasurer, which will assist in the cleaning up and reuse.
This compilation of blighted properties, most likely is the largest collection of such properties that have ever been assembled for sale in the history of Detroit.
Strather, who was a prior Detroit casino investor sees this as a chance of redeveloping the ailing neighbourhoods of Detroit which have not been able to keep pace with timely revamping that has been seen going on in and around downtown.
It is surely going to be a costly undertaking for Strather. He said, "It would take about $2 billion to finish it all. Two billion in five years. We'll do it."