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Guest Message by DevFuse

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Ford officially buys Michigan Central Station


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37 replies to this topic

#1 ONLINE   fuzzymoomoo

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Posted 11 June 2018 - 09:04 AM

https://www.detroitn...roun/689879002/
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#2 ONLINE   fuzzymoomoo

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Posted 11 June 2018 - 09:24 AM

Not going to lie, Im still kind of pissed about it. I feel a little better knowing their using money previously allocated for the Dearborn campus renovation but still. After this I dont want to hear another word out of Jim Hackett or any of his cronies about cost cutting or anything like that.
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#3 OFFLINE   jasonj80

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Posted 11 June 2018 - 09:34 AM

Not going to lie, Im still kind of pissed about it. I feel a little better knowing their using money previously allocated for the Dearborn campus renovation but still. After this I dont want to hear another word out of Jim Hackett or any of his cronies about cost cutting or anything like that.

Don't be, this is basically free office space the way Brownfield refunds and Tax deprecation work. Its like Dan Gilbert's new tower downtown, not going to cost him anything to do it, but he will make the rent and when he sells the building he will profit from it. Ford will probably make money on doing this with rent paybacks and credits for Job creation. Only thing that is going to be interesting is City of Detroit Income tax for workers, they will be paid more to compensate for that. Ford Land is actually the owner of the building.



#4 ONLINE   fuzzymoomoo

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Posted 11 June 2018 - 09:47 AM

Don't be, this is basically free office space the way Brownfield refunds and Tax deprecation work. Its like Dan Gilbert's new tower downtown, not going to cost him anything to do it, but he will make the rent and when he sells the building he will profit from it. Ford will probably make money on doing this with rent paybacks and credits for Job creation. Only thing that is going to be interesting is City of Detroit Income tax for workers, they will be paid more to compensate for that. Ford Land is actually the owner of the building.

Its still going to cost anywhere from $100m to $500m for renovation. For a company that cries broke as much as they do that is a big number.
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#5 OFFLINE   Assimilator

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Posted 11 June 2018 - 10:19 AM

I think this is great but that also seems to suggest that Ford's new campus is being scaled back since it was originally designed to be the home of the Mobility Future...but bow this is the new home.


Edited by Assimilator, 11 June 2018 - 10:19 AM.

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#6 OFFLINE   jasonj80

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Posted 11 June 2018 - 10:26 AM

Its still going to cost anywhere from $100m to $500m for renovation. For a company that cries broke as much as they do that is a big number.

You get that money back in the Brownfield. So the end result is 0 dollars, Plus you depreciate the building along the way.

It is a win win, Ford can look good saving this building, have better recruitment and not have it cost them a whole lot. The Dream would be for the to have a Train that ran from Dearborn to Detroit every 30min connecting the 2 campus.

 


Edited by jasonj80, 11 June 2018 - 10:48 AM.


#7 OFFLINE   mackinaw

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Posted 11 June 2018 - 11:06 AM

.......The Dream would be for the to have a Train that ran from Dearborn to Detroit every 30min connecting the 2 campus.

 

That's an interesting idea.  Quite doable too.  I'd love to see that happen.



#8 ONLINE   fuzzymoomoo

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Posted 11 June 2018 - 11:09 AM

The railroad did just install a second track through Dearborn
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#9 OFFLINE   mackinaw

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Posted 11 June 2018 - 11:46 AM

Maybe they could run an electric train down one of those tracks.



#10 OFFLINE   jasonj80

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Posted 11 June 2018 - 12:34 PM

Maybe they could run an electric train down one of those tracks.

Master plan for the line is full double track and Electric all the way to Chicago. They've done the track upgrades and PTC between Pontiac and Chicago and the train hits 110mph on a lot of the line between State line and Jackson. That is the fastest it can go with at grades crossings.

Also interesting that the station was never fully occupied the top floors have always been vacant.



#11 OFFLINE   RichardJensen

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Posted 11 June 2018 - 12:42 PM

Its still going to cost anywhere from $100m to $500m for renovation. For a company that cries broke as much as they do that is a big number.

 

Jason's right.

 

They'll get roughly 20% of what they spend on the renovation back as a tax credit from the feds (I've got quite a bit of experience in this area), not to mention the state historic preservation credits--and that's right off the top, before you start getting into other incentive programs.

 

And what they spend on the building will be transferred on the balance sheet from 'cash' to 'property', which means no effective change to the bottom-line.

 

Renovating this building, in accounting terms, will not reduce Ford's income.

 

Frankly, I'm really excited to see this.

 

There are very few companies in Detroit in a position to rehabilitate this building, and Ford's one of them.

 

It's the first thing Ford's done that I agree with in months.

 

(FWIW: One of the reasons why I'm excited about this is that the Pennsylvania Railroad built three mammoth stations: Penn Station in NYC, Chicago Union Station and this station--this ensures two of the three will be kept around)


Edited by RichardJensen, 11 June 2018 - 12:42 PM.

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#12 ONLINE   fuzzymoomoo

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Posted 11 June 2018 - 12:54 PM

The railfan in me is glad something will finally be done with the train station, I just wish it was someone else and happened 10 years ago....
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#13 ONLINE   fuzzymoomoo

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Posted 11 June 2018 - 04:15 PM

https://www.freep.co...tion/689843002/

Anyone local who wants to go?
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#14 OFFLINE   mackinaw

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Posted 11 June 2018 - 05:23 PM

I'm not local, but I am interested.  Our schedule looks to be open most of next week.  Maybe we can find time to drive down.



#15 ONLINE   SoonerLS

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Posted 11 June 2018 - 06:01 PM

Maybe they could run an electric train down one of those tracks.


Maybe it could be a self-driving train...

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#16 OFFLINE   Assimilator

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Posted 11 June 2018 - 06:10 PM

But where is Michael Bay going to shoot his next movie? 



#17 ONLINE   fuzzymoomoo

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Posted 11 June 2018 - 08:29 PM

But where is Michael Bay going to shoot his next movie? 

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#18 OFFLINE   jasonj80

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Posted 11 June 2018 - 09:03 PM

The railfan in me is glad something will finally be done with the train station, I just wish it was someone else and happened 10 years ago....

Didn't think anyone in Wayne county was a Railfan. Sit, wait, Turn Around, blocked, turn around again. 40min later you end up where you should have been 30min ago. Though still better than the thousands of trucks on the road that just tear them up.

I'll doubt it is going to be publicly accessible when it is done though. Going to end up like the old EEE building that is beautiful inside but no one will ever see it. 



#19 OFFLINE   mackinaw

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Posted 11 June 2018 - 10:13 PM

I'll doubt it is going to be publicly accessible when it is done though. Going to end up like the old EEE building that is beautiful inside but no one will ever see it. 

 

My dad worked in the triple EEE building.  Every so often his department had "family days" where family members were let inside.  My memory is of "mahogany row."  Just beautiful.



#20 OFFLINE   jasonj80

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Posted 12 June 2018 - 07:36 AM

 

My dad worked in the triple EEE building.  Every so often his department had "family days" where family members were let inside.  My memory is of "mahogany row."  Just beautiful.

The old powerhouse at the Rouge was the same way, shocking that amount of work was put into the powerhouse though at the time it was quite an achievement What is sad was old World Headquarters was torn down, that was another beautiful building.

What would also be nice is if Ford made it a Ford only Museum. While the Henry Ford is great at showing the industry and industrial revolution Ford doesn't have a museum dedicated to itself the way BMW, Mercedes and Porsche do. The Mercedes museum is amazing to walk though as their story is told in relation to where there World was at those times. It is always been something I though Ford needed,  and you could walk out of Greenfield Village hop on a train and it could take you there. 










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