Michgan Central has new owners!! Moroun Family transfers ownership of Depot to investment group ahead of rumored Ford purchase!!

Photo Courtesy of Daniel Mears, The Detroit News

Ford appears to be one step closer to becoming the new owners of the old Michigan Central Station in Corktown. Rumors have been swirling over recent months that Ford has been persuing the purchase of the old train station from the Moroun family as part of their effort to increase the presence of the city of Detroit, Today’s announcement that the Moroun family has transferred ownership of the train station to New Investment Properties I LLC appears to be the next step in their efforts.

From the Detroit News article

Multiple sources familiar with situations have told The Detroit News that negotiations between the Morouns, the long-time owners of the depot, and the Blue Oval have accelerated in recent weeks as the deal to buy the historic, blighted train station takes shape, and Ford moves to assemble nearby land to build an urban campus in Detroit.

The business teams for autonomous technology and electrification are moving into the Corktown facility known as The Factory at Michigan Avenue and Rosa Parks Boulevard, which Executive Chairman Bill Ford Jr. announced in December the company had purchased.

Ford is also said to be interested in a block-long facility known as The Alchemy behind The Factory, as well as the abandoned book depository near the train station. The train station and surrounding campus would act as Ford’s home base for next-generation mobility, electrification and autonomous vehicle development.

Corktown strikes a sentimental chord with Bill Ford Jr. His ancestors hailed from the county in Ireland for which Detroit’s oldest neighborhood is named. 

“I’ve seen Detroit at its best, and I’ve seen it at its worst,” he said in December when the company announced its purchase of The Factory. “We want to be part of it.”

For the last decade, the rebirth of Corktown has been defined by a decidedly hip retail community, ranging from hand-crafted cocktails to farm-to-table restaurants and funky independent retailers.

To read the complete Detroit News article, click on the link below

Train depot changes ownership ahead of expected Ford announcement

 

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