The Peru-based developer attempting to resurrect the former Packard Plant says it has secured financing and tenants to start construction this spring on renovating the first hollowed-out building at the sprawling factory complex on Detroit's near east side.

The developments are a step forward for an ambitious renovation of one of the world's best-known industrial eyesores — a grand plan that has drawn both hope and skepticism.

Arte Express Detroit LLC, the local holding company of Peruvian developer Fernando Palazuelo, will begin construction of office, commercial and event space in the 121,000-square-foot former Packard administration building along East Grand Boulevard after the top two floors are cleared of debris and contaminants, according to project manager Kari Smith.

Smith expects to the close on financing of $17 million-$21 million from unspecified lenders for the project within the "next two months."

"A lot of it will be private equity," Smith said. "And people are often surprised by that."

The committed tenants for the now-windowless four-story building include Silveri Architects, Environmental Consulting & Technology Inc., Testing Engineers & Consultants, Sterling Security and the Detroit Training Center, a nonprofit job training organization.

Construction is expected to last through the end of 2018 with the tenants moving into the space by the first quarter of 2019, Smith said.

Architect Marco Silveri said he and his wife, Cynthia, plan to move their three-person architectural firm from Ferndale to the Packard Plant to get closer to their Midtown clientele.

"Because it's part of our business, we're excited to be associated with and located in such an important project of that type," Silveri said.

Silveri said architects he's met from around the world know about the Packard because of its revolutionary early 20th century design for automobile production and later because it became a symbol of Detroit's decades-long decay.

"There aren't a lot of places for an architect to set up shop that is immediately recognizable by anyone," Silveri said.