Real Estate
Here’s How Much Ford Paid To Buy The Historic Train Station
It's one of Detroit's iconic buildings and now biggest developments. Here's what it cost to buy.
DETROIT, MI — Ford paid $90 million to buy the iconic Michigan Central Station in Corktown, according to a new report.
Crain’s Detroit said that puts the purchase price at $150 per square foot for the 600,000-square-foot depot, which has long been seen as emblematic of a city that decayed over decades.
Ford finalized the depot purchase May 22, according to public records. The company is seeking nearly $239 million in local, state and federal incentives for its planned $740 million campus in the Corktown neighborhood west of downtown, with the train station as the focal point of the 1.2 million-square-foot project that is expected to bring 5,000 autonomous and electric vehicle technology workers to the area.
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The 104-year-old depot is expected to be turned into about 313,000 square feet of office space, about 42,000 square feet of residential space spread across 40 or so units, 43,000 square feet of commercial space and 60,000 square feet of event space, Crain’s reported.
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