Ford will spend $740 million transforming the Michigan Central Station and surrounding area into a new technology hub in Detroit.
Reuters reports that the American automaker will transform the abandoned building into a campus of offices for tech workers and software engineers. When everything’s up and running, the facility will house up to 5,000 employees.
Ford confirmed that it would take over the Michigan Central Station in June, but previously failed to describe how much the project would cost. The project will take approximately four years to complete and includes 45 acres of surrounding land.
In a statement, the automaker said it will look to receive substantial tax benefits to help fund the project.
“[We are] working with federal, state and local economic development groups and officials, seeking at least $250 million in tax or other incentives to support the development of the five Corktown sites Ford has purchased.”
The iconic Michigan Central Station closed in 1988 and fell into disrepair shortly after. In 2009, the city council voted on tearing down the iconic building but never went through with it.
Ford says the $740 million promised for the overhaul doesn’t require any additional capital from the campus plans it announced in 2016.
Included in the sites Ford will transform are a Book Depository, a former brass factory, and a former hosiery factory.
Ford said the costs include “the building and land purchase, as well as expected building exterior and infrastructure rehab costs over the next four years, which takes into account the requirements of restoring a historic building such as the train station.”
