DETROIT (AP) - The vacant, hulking 105-year-old Michigan Central Station is changing hands for the first time in more than 25 years.
Matthew Moroun, son of building owner Manuel "Matty" Moroun, announced on Monday that Ford is buying the 500,000-square-foot, 18-story train station that closed in 1988.
After years of failed plans, talk has centered on redevelopment spearheaded by Ford Motor Co. Ford board member Edsel B. Ford II has said the Dearborn-based automaker is in discussions to buy the station but few details have been made public.
In Monday's announcement, Moroun said that after the city emerged from bankruptcy, redevelopment spread from Downtown Detroit to Corktown. He said his company cleared the building of asbestos and debris and installed 1,000 new windows in the building.
The company was pitched redevelopment ideas but the Morouns wanted to "find a development of the caliber and uniqueness worthy of the Depot's former glory as one of the most important buildings in the City."
In October 2017, a meeting between the Moroun family and Ford was set up. From there, the two companies discussed the building and both sides negotiated until the deal was complete.
"The Depot will become a shiny symbol of Detroit's progress and its success. The Ford Motor Company's Blue Oval will adorn the building," Moroun said.
Ford said it would event on June 19th to discuss the future fo the building.
Ford recently began moving about 200 members of its electric and autonomous vehicle business teams into a refurbished former factory near the train station.
With its massive columns, the building has become an iconic symbol of Detroit's fall from greatness.