Corktown-to-Fordtown gold rush?

Posted on March 26, 2018

  • Ford Motor Co. reportedly pursuing a deal to buy and redevelop the Michigan Central Station
  • Aftershock for Corktown real estate owners and developers would be widespread
  • Assessed property values for residential and commercial would rise

For six months, three vacant houses and an empty plot of land sat on the market in Corktown awaiting a buyer. There had been a few suitors seriously interested, but none pulled the trigger.

Within a day of Crain’s first reporting that Ford Motor Co. is pursuing a deal to buy and redevelop the dilapidated Michigan Central Station, broker James Tumey received several cash offers, even at the full $540,000 price, for the properties that look out on the 500,000-square-foot depot. And some of the potential buyers haven’t even seen inside the homes.

And that’s with no finished Ford deal in place.


Continue reading full article on Crain’s Detroit Business.