Ford Buys Historic Michigan Central Station

The owners of Detroit's vacant, 105-year-old Michigan Central Station say they've sold the building to Ford Motor Company.

During a news conference this morning, Matthew Moroun announced that Ford's Blue Oval logo "will adorn the building."

The 18-story station closed in 1988 and was purchased several years later by the Moroun family but its been empty since then.

Ford will announce on June 19, 2018 its plans to redevelop the site with several reports indicating it will become a campus for advanced automotive technology.

Mouron says the deal is complete, the future of the depot is assured.

"The depot will become a shiny symbol of Detroit's success and progress. Ford Motor Company's Blue Oval will adorn the building."

Moroun calls this is a 'golden opportunity for its rebirth, the American second chance.' But in making the sale, he also know his company could not be a part of it.

"The depot's redevelopment and revitalization would only be part of an enormous plan taking in much more than the depot itself. The developer had to be the owner and the user."

Ford also purchased another building, known as the book depository, near the train station in Detroit's Corktown neighbourhood.

The automaker recently began moving about 200 members of its electric and autonomous vehicle business teams into a refurbished former factory near the train station.