Ford reveals $740 million investment in Detroit train station, city development project

by SpeedLux
Ford Motor logo

Ford Motor revealed Tuesday it will invest $740 million on a project to reinnovate Michigan Central Station, Detroit’s historic but dilapidated former rail station, along with other neighborhood sites.

Ford aims to transform the building into a campus of offices for about 5,000 tech workers and software engineers concentrated on self-driving vehicles and ancillary technologies and services.

The automaker announced the project in June, but had not earlier revealed expenses until a community meeting on Tuesday.

The company stated it is collaborating with federal, state and regional economic development groups and officials, asking at least $250 million in tax or other incentives to favor the development of the five Corktown sites Ford has bought.

Ford stated total investment in the development of the train station and developing 45 acres of vacant land will worth roughly $740 million over the next four years.

The figure consists acquiring the buildings and land together with rehabilitation costs “which takes into account the requirements of restoring a historic building such as the train station,” the company stated.

The automaker stated the project expenses do not require further capital beyond what it earlier committed as part of its entire 10-year campus plan in 2016.

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