Detroit Train Station Revival

The Detroit Train Station will undergo a renovation and reopen in about four years. It will be the centerpiece of a new campus which focuses on businesses that use self-driving cars.

The renovation of the train station would surely attract young professionals, who now gravitate towards Silicon Valley and other high-tech hubs. And it will typically steer clear of established companies whose corporate ways, they see as sterile and rigid.

Housing and Real Estate

The plan includes to open several floors of housing in the old depot as part of the building’s coming top-to-bottom redevelopment. This is set for completion in 2022. These residential floors will be in addition to office floors and retail space. The grand hall and ground floors are to be used as a public space filled with stores, restaurants and coffee shops.

With this recent train station development, the prospect of an influx of people does strike a nerve.The need for housing is expected as jobs and other opportunities increase.

[bctt tweet=”“It’s moving in the direction of Midtown pricing. I think it starts first with availability, and then when there is less housing available, it becomes more competitive in terms of pricing.”” username=”StrategyProps”]

The potential of the train station and the possible impact on Detroit are very encouraging to a lot of investors. “It’s moving in the direction of Midtown pricing. I think it starts first with availability, and then when there is less housing available, it becomes more competitive in terms of pricing.” said Alejandro Fesil, who works at Astro and rents a three-bedroom house with friends in southwest Detroit, right behind the station.

Detroit’s Resurgence

The train station’s revival has brought so much optimism over the city’s future. Dan Gilbert, founder of Quicken Loans, moved his company’s headquarters to downtown Detroit. He has spent an estimated $2.5 billion to buy and renovate more than 95 vacant properties in the surrounding area. Detroit’s resurgence is real and is happening very quickly.

References:
Boudette, Neal E. “Ford Aims to Revive a Detroit Train Station, and Itself.” The New York Times, The New York Times, 17 June 2018, www.nytimes.com/2018/06/17/business/ford-detroit-station.html.
Gross, Allie. “If Ford Buys Michigan Central Station, What Happens to Land Nearby?” Detroit Free Press, Detroit Free Press, 22 Mar. 2018, www.freep.com/story/news/local/michigan/detroit/2018/03/22/detroit-train-station-ford-corktown/443088002/.