• 20 mins The New Drug That Could Be Bigger Than Cannabis
  • 7 hours $15/Hour Minimum Wage Might Happen Naturally
  • 1 day Could This Be The Hottest Investment Sector For 2021?
  • 2 days The Single Most Exciting Mental Health Breakthrough Of The Decade?
  • 2 days Money-Laundering Binance Probe Report Adds To Bitcoin Woes
  • 4 days Pipeline Hackers Lose Access To Ransom Funds
  • 4 days Military Coups Are Big Business
  • 5 days Crypto Market Crashes As Tesla Turns Its Back On Bitcoin
  • 6 days Gold Bulls Are Facing An Uphill Battle
  • 7 days Has The Dogecoin Hype Fizzled?
  • 9 days America's Semiconductor Shortage Is Just Getting Started
  • 12 days The EU Begins Backtracking On China Trade
  • 13 days Americans Are Sick Of Unfair Taxation
  • 15 days No Jab, No Job: The New Hardline Policy of U.S. Employers
  • 17 days What’s Included In Biden’s $6 Trillion Economic Plan?
  • 18 days The “Great Car Comeback” Brightens Oil Demand Outlook
  • 19 days The 3 Most Profitable Covid-19 Vaccine Stocks
  • 21 days Beijing Launches Digital Currency To Break AliPay-WeChat Duopoly
  • 22 days The New Economic World Order After Covid-19
  • 26 days 3 Signals To Watch For A Stock Market Correction
Could This Be The Hottest Investment Sector For 2021?

Could This Be The Hottest Investment Sector For 2021?

A $52-billion pain management market,…

The New Drug That Could Be Bigger Than Cannabis

The New Drug That Could Be Bigger Than Cannabis

The global market for psychedelic…

Damir Kaletovic

Damir Kaletovic

Writer, Safehaven.com

Damir Kaletovic is an award-winning investigative journalist, documentary filmmaker and expert on Southeastern Europe whose work appears on behalf of Safehaven.com.

Contact Author

  1. Home
  2. News
  3. Breaking News

Ford Bets Billions On Detroit Comeback

Detroit

Ford is buying into a piece of downtrodden Detroit’s comeback story with a sweeping overhaul of the city’s abandoned central train station that hopes to become the anchor of a new transportation and technology center.

For Detroit, it’s the biggest resurrection news to date, and if it actually succeeds in luring high-tech workers to the abandoned city, all those who’ve been banking on a comeback by scooping up real estate for a song in the area will be pleased.

And since Amazon won’t bite on Detroit, having rejected the city’s $4-billion incentives bid for a second headquarters for the e-commerce giant, what better savior than Detroit-native Ford.

Though no one knows what kind of tax incentive Ford might be getting for taking over the Michigan Central Station in Detroit’s Corktown neighborhood, some private developers have suggested the project could cost as much as $2 billion.

It’s a massive undertaking considering that it’s been looted to the maximum by both people and Mother Nature, and is such an eyesore it was on the verge of demolition in 2009.

Built in 1013, the depot and its 18-story office building saw the last train pull out in 1988. In 1995, it saw a brief flicker of hope when it was acquired by trucking magnate Manuel Moroun. But it sat empty.

The Michigan Central Station was perhaps Detroit’s main symbol of decline, according to the Detroit Free Press. Now, it may end up being the symbol of its revival, with any luck. Related: Gold Could Fall Below This Crucial Support Level

The Michigan Central Station is set to be the center of a large Ford Corktown campus centered around forward-looking automotive technology research and design, which would be shifting from the suburbs of Dearborn to Corktown in a highly symbolic move.

Ford expects up to 2,500 employees occupying the buildings in the next four years and the focus will be on the future of mobility including electric and autonomous vehicles. About 2,500 more employees will be added later.

The expectation is that, with its partners, Ford will work on autonomous and electric vehicles, and design urban mobility services and solutions that include self-driving vehicles, roads, parking and public transit.

The Michigan Central Station will house more than just Ford employees, though. The auto company says it will be a mixed-use facility with facilities for up to 5,000 office workers and space for shops. Ford is buying other buildings and land, too, and plans to take up space in over 1.2 million square feet in the neighborhood.

Related: How Long Will The Gold Rout Last?

Dawn Booker, communications manager for Ford Land Development Co., the automaker's real estate division, told reporters in late May, when rumors of the deal surfaced, that Ford is “very excited about our return to Detroit this year beginning with our electric vehicle and autonomous vehicle teams relocating to the historic former factory in Corktown. We expect to grow our presence in Detroit and will share more details in the future."

Earlier this month, Ford launched “City of Tomorrow Challenges” in Miami and Pittsburgh to find new solutions and opportunities within urban transportation networks.

By Damir Kaletovic for Safehaven.com

More Top Reads From Safehaven.com:

Back to homepage

Leave a comment

Leave a comment