Detroit is making a comeback

The Michigan Central train station in Detroit, a once-abandoned building that stood for decades as a symbol of the city’s downturn, is officially coming back to life this week following a six-year, ~$740 million renovation funded by Ford.

• The building marks the centerpiece of the automaker’s new 30-acre tech and cultural hub near downtown Detroit, which has already attracted thousands of tech-related jobs (including offices for Ford and Alphabet).

It’s the latest sign that Motown is no longer singing the blues. To many locals, Detroit today bears little resemblance to the crime-ridden city that went bankrupt in 2013. The city’s population increased last year for the first time since 1957, while law enforcement recorded its fewest homicides since 1966.

Detroit has also emerged as a popular destination for America’s largest businesses and events. Amazon, GM, and Microsoft agreed to move their local campuses downtown in recent months, while a record-high 775,000+ people flocked to Motown for the NFL draft in April.

• The city’s renaissance has largely been financed by a group of billionaires with local ties – including Rocket Mortgages owner Dan Gilbert, the Ford family, and the Ilitch family – who have collectively amassed ~70% ownership of Detroit’s downtown office space in recent years.

👀 Looking ahead… Detroit-area billionaire Stephen Ross and the Ilitches are planning a $1.5 billion downtown development, which is set to feature a University of Michigan graduate and technology campus, offices, hotels, and housing.