DETROIT — Ford Motor Co. paid $90 million for the derelict Michigan Central Depot, which it will turn into a campus for development of new technologies, according to a report in the Automotive News.
The figure comes from government records. It means the company paid $150 per foot for the 104-year-old, 600,000-square-foot building, which will be the centerpiece of its new facility to develop electric and autonomous vehicles.
Ford is seeking more than $230 million in tax credits for the project, a 1.2-million-square-foot development which will include residential, commercial, and event space. [See “Ford seeks more than $230 in aid for Michigan Central project,” Trains News Wire, Sept. 12, 2108.] It announced the purchase of the Detroit landmark in June. [See “New life for Detroit’s Michigan Central Station,” Trains News Wire, June 11, 2018.
