Ford Paid $90M for Michigan Central Station

The price of saving a historic Detroit train station and transforming it into a facility to develop new technologies in the automotive industry was $90 million.

The Automotive News reports that was how much Ford Motor Company paid to buy the decrepit Michigan Central Depot, which will be the centerpiece of a 1.2 million square foot development that also includes residential, commercial and event space.

The figure was taken from government records and means that Ford paid $150 per foot for the 104-year-old, 600,000-square-foot building.

Ford plans to develop electric and autonomous vehicles at the campus it plans to establish at Michigan Central Station.

The company is seeking more than $230 million in tax credits for the project.

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