What to Know
- Ford plans to spend hundreds of millions renovating Detroit's blighted train depot and other area properties
- The automaker wants to use the spaces for research and development of self-driving vehicles
- Detroit has had a long decline from its status as a manufacturing powerhouse, and Ford plans to fix up the depot over the next several years
Ford Motor Co. plans to spend roughly $740 million renovating Detroit's long vacant train depot and redeveloping other area properties for research and development of self-driving vehicles.
The Dearborn-based company in June used the Michigan Central depot as a backdrop while publicly laying out plans for the 105-year-old train station and surrounding Corktown neighborhood, but the anticipated cost wasn't detailed.
The automaker's Ford Land development arm announced Tuesday it expects to seek $250 million in tax incentives to help offset the cost.
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Ford's plans call for the depot to be redeveloped over the next several years. The last passenger train left the station in 1988. A businessman purchased the building in the mid-1990s, but it remained empty and became blighted, exemplifying Detroit's long decline from manufacturing powerhouse to bankruptcy.