DETROIT -

Multimillionaire Fernando Palazuelo has been nicknamed "El Conquistador" -- a Spanish millionaire known for his successful redevelopment projects in Peru.

When Local 4 asked Palazuelo if he wouldn't rather be in Palm Beach right now than walking the streets around the Packard Plant, this was his response:

"I am not a Palm Beach guy," said Palazuelo. When asked if he was a "Detroit guy," he said, "Ich bin ein Berliner. Do you know what that means?"

Referencing President Kennedy's famous "Ich bin ein Berliner" speech to then West Germany, Palazuelo's emphasized he is here to stay and play.

Slideshow: A look at the Packard Plant

Palazuelo has five reasons for staying: timing, location, undervalued assets, history and dimension. He's made a career of buying properties no one else would touch in Peru and redeveloping them with great success.

Palazuelo is keeping the specifics of his plans for Packard close to the vest, but admits to meeting with companies in town for the auto show to encourage them to become tenants in his Packard redevelopment.

"I'm not going to tell you the names. It would not be professional," said Palazuelo.

Local 4's Mara McDonald shared with Palazuelo her skepticism of a new life for the site. Palazuelo said McDonald is just not looking hard enough.

Previous stories on the Packard Plant: