Ford’s Corktown costs coming in at $740M

The development plans for Ford’s move into Michigan Central Station and Corktown have been known since June, but the cost of the move has thus far been unknown. Last night, at a neighborhood meeting, Ford unveiled the total investment at about $740 million.

According to the Free Press,

The company said it also is “actively 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.”

This includes the acquisition and restoration of the train depot, plus the renovation of the book depository, tear down and building new construction at 2200 Rosa Parks Boulevard, and building two new parking decks in Corktown.

The plan is expected to take about four years to complete.

Earlier this summer, Ford revealed its plans to restore the long-vacant Michigan Central Station. The plans include offices for its autonomous vehicle development, a grand hall for businesses open to the public, and possibly some residential on the top floors.

The company expects to move 2,500 of its own employees into Corktown, with another 2,500 employees coming in from its partners working on autonomous technology.

In May, Ford moved about 220 employees into the Factory on the corner of Michigan Avenue and Rosa Parks Boulevard.