Matthew Moroun, son of trucking magnate Manuel (Matty) Moroun, announced the sale Monday, June 11, while standing in front of the historic structure. News first leaked in March that Ford was eyeing the building, and the family transferred ownership on the building and an adjacent former schoolbook depository last month; Moroun himself told local media that Ford first approached the family about selling it in October of a year ago.
With its massive columns, the building has become an iconic symbol of Detroit's fall from greatness.
In this photo taken August 4, 2015, crews make progress on the window installations of the historic Michigan Central Station in Detroit.
"I would characterize the negotiations as respectful and they were not protracted in any way", Matthew Moroun said.
"I knew that this was exactly what the building needed". The golden opportunity for its rebirth. "I also knew that it would not be possible for me and our company to "co-captain" such a dramatic project ..."
500,000-square-foot, 18-story train station that closed in 1988.
Owners of Detroit's decaying, iconic train station to discuss its future
The Morouns have owned Michigan Central Station since 1992.
"My father and I were quite alone, left only with a positive long-term vision that no one else could see", Moroun said.
A refurbished and open Michigan Central would anchor Corktown, a neighborhood with trendy bars and restaurants that is on the upswing.
In recent years, the Moroun family said it spent $8 million to build a freight elevator inside the building's old smokestack, removing asbestos and installing more than 1,000 windows, according to Crain's Detroit Business.
Next week, Ford expects to reveal more details about its plans for the two buildings.
It's all but Blue Oval-stamped official: Ford has purchased Detroit's long-abandoned train depot, marking a return to the city where the company was founded 113 years ago and representing a pivotal moment for the economic fortunes of a long-suffering city.
Crains Detroit reports that Matthew Moroun has indicated he'll now be turning more of his attention to his family's plans to twin the Ambassador Bridge. An announcement is planned next week, Ford said.
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