Ford set to invest $740mn in Michigan Central Station

The US-based automaker company, Ford, has announced on Tuesday (14 August) that it is set to spend $740mn in a bid to upgrade Michigan Central Station in Detroit, Reuters reports.

As part of the plans to revamp the station, the car giants will make the building a campus of offices which would base 5,000 tech workers and software engineers.

Although the initial plans were drawn up in June, the costs were not discussed until Tuesday’s meeting.

Ford confirmed in a statement that it is “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.”

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The firm revealed that the total investment over the next four years is anticipated to cost in the region of $740mn.

In addition, it has been found that the total estimated figure does include the purchases of the buildings and land, in addition to the cost of rehabilitation to restore the significant building.

Ford has said the project will not require any extra funding on top of what has already been agreed.