Ford paid $ 90 million for Michigan Central Station

Ford Motor Co. paid $ 90 million for Michigan Central Station in Corktown, Detroit.

The publication on the city's historic property sales page puts an end to months of speculation in commercial real estate circles that the Dearborn automaker has misdirected the family Moroun for the vacant Michigan Avenue building.

A purchase price of $ 90 million places the purchase price at $ 150 per square foot for the 600,000 square foot deposit, which has long been considered emblematic of a city that has been decaying over the decades.

AJ Weiner, general manager of JLL's Royal Oak office, said the high purchase price reflects a buyer who will ultimately use the property itself, as opposed to an investor seeking to take advantage of the property. .

"The benefits to a user buyer do not translate into what an investor buyer would see as an advantage," he said. "Marketing, social impact, etc. That said, it represents a huge sum and it's another validation of a continuing recovery of a market that continues to amaze and impress." . "

Dennis Bernard, founder and president of Bernard Financial Group based in Southfield, a major commercial real estate finance company, was surprised by the cost.

"DAMN !!!!!", he said in an email to Crain & # 39; s.

A message was sent to a spokesman for Ford Land Development Co., the builder's real estate development arm. A spokesman for the Moroun family declined to comment.

Ford finalized the purchase of the deposit on May 22, according to public records. The company is seeking close to $ 239 million in local, state and federal incentives for its $ 740 million campus in the Corktown area west of the downtown core. 5,000 workers in autonomous and electric vehicle technology in the region.

The 104-year-old depot should be converted into offices of approximately 313,000 square feet, approximately 42,000 square feet of residential space spread over some forty units, 43,000 square feet of space commercial and 60,000 square feet of event space.

A former Detroit Public Schools deposit book, designed by Albert Kahn at 2231 Dalzelle Street, is expected to be transformed into 205,000 square feet of office space and 20,000 square feet of commercial space.

An old copper plant is expected to be upgraded later this year. A 290,000 square foot building with 247,500 square feet of office and laboratory space and 42,250 square feet of commercial space is expected to rise in its place.

The Amtrak service stopped at the station in 1988.