Ford Authority

Property Values Soared After Ford Bought Michigan Central

Back in June 2018, Ford announced that it was purchasing Michigan Central Station, a historic site that had been unoccupied – and essentially falling apart – for quite a few years prior to that point. Since then, the automaker has spent a significant amount of money renovating the site and transforming it into a mobility hub that will soon house a number of companies, with a grand opening celebration set to take place on June 6th. However, Ford’s investment into Michigan Central is also having a big impact on the surrounding community as well.

According to a new report from the Detroit Free Press, commercial property values in the Corktown neighborhood surrounding Michigan Central essentially doubled overnight, and since Ford’s announcement, a number of new housing and hotel developments have popped up in the area. Many others that have purchased land in the area are waiting to see if the expected boom in Corktown actually does come to fruition before developing that land, and if the site winds up employing 5,000 people as originally expected.

“Land at the time was like $25 a square foot, and it jumped up to like $50 a square foot,” said Ryan Cooley, owner of O’Connor Real Estate and Development. “And we haven’t seen anything sell above $50 a square foot in some time. And same thing with properties; it probably went from, for a finished building, $100 a square foot to $200 a square foot.”

Michigan Central Station Opening Date Announcement

While this is good news for property owners in the Corktown area, the rising costs of living and even a ramped up police presence has reportedly had a negative impact on the homeless, as Ford Authority previously reported. Regardless, following a $1 billion dollar investment on Ford’s part, the grand opening of Michigan Central is a big deal, and aside from the aforementioned opening ceremony, the public will get to check out the first floor of the renovated site in the coming months as well.

We’ll have more on Michigan Central Station and Corktown soon, so be sure and subscribe to Ford Authority for continuous Ford news coverage.

Brett's lost track of all the Fords he's owned over the years and how much he's spent modifying them, but his current money pits include an S550 Mustang and 13th gen F-150.

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