Ford Motor Co. paid $90 million for Michigan Central Station
Ford Motor Co. paid $90 million for the Michigan Central Station, according to public records.
Details about the sale had been sparse since the Dearborn automaker announced in June that it had acquired the property to create a 1.2-million-square-foot campus in Corktown.
According to city tax filings, Ford purchased the nearly 600,000-square-foot building near Michigan Avenue on May 22. The previous owners, the Moroun family, purchased the building in 1995 with restoration plans that never came to fruition.
The 18-story building sat unused for 30 years and became a symbol of Detroit’s decay.
Representatives for Ford were not immediately available for comment.
Ford Motor Co. is expected to present Monday evening community benefits it will offer as part of its $740-million project to bring its autonomous technology and electrification departments to Corktown.
The automaker has submitted a tax incentive package to the city of Detroit with a request for $104 million in tax breaks for the development. The company wants the Detroit City Council to approve the funding by mid-October so it can begin winterization work on Michigan Central Station.
The city taxes abatement will span 35 years, according to the Detroit Economic Growth Corp. The request is part of $238 million in tax breaks that Ford seeks.