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Ford acquires Michigan Central Station

Ford Motor Co. said June 17 that it acquired Michigan Central Station, a former intercity passenger rail depot in Detroit for an undisclosed amount.

The move comes along with the car maker's purchase of the former Detroit Public Schools Book Depository, 2 acres of vacant land, the site of an old brass factory and a refurbished former factory in Detroit's Corktown neighborhood. The refurbished factory now houses Ford's electric vehicle and autonomous vehicle business teams.

Ford said it plans to set up a new campus — 1.2 million square feet of property in Corktown — to serve as its innovation hub. The development will also have office space and retail space, and some residential housing.

Ford added that it plans to relocate approximately 2,500 Ford employees, mostly from the mobility team, to the Corktown development by 2022. The campus is also expected to accommodate 2,500 additional employees.

The automaker will host an event June 19 at the Michigan Central Station, where it will present early visual renderings proposed for the site.