DETROIT, Michigan — Ford Motor Co. announced through its real estate arm, that it plans to spend as much as $740 million on its planned 1.2 million-square-foot Corktown campus, company officials announced Tuesday night.
The automaker said it expects to seek $250 million over 34 years through local, state, federal tax incentives to offset the cost, a representative said, as it launches its ambitious plan to revitalize the area, including the derelict Michigan Central Depot.
“We are excited by the opportunities that Ford’s investment in the train station and other key Corktown sites will bring, not only for the larger resurgence of the neighborhood but all of Southeast Michigan, including economic growth, attracting world-class talent and leading the development for the next generation of the automotive industry,” Ford Land said in a statement.
“Given Ford’s investment in the Corktown projects, we are actively working with federal, state and local officials for tax and other incentives to support the development.”
The investment involves five Corktown neighborhood sites, including the building and land purchase as well as expected building exterior and infrastructure rehabilitation costs over the next four years, Ford Land said Tuesday.
The cost estimate was unveiled during a neighborhood advisory council meeting at the International Brotherhood of Electrical Workers No. 58 in Detroit on Tuesday. The panel is slated to work with Ford to create a community benefits agreement.