DETROIT – Ford is moving into Detroit's Corktown.
The automobile giant has purchased the Michigan Central Station in Detroit, which has been vacant for years.
"The deal is complete. The future of the Depot is assured. The next steward of the building is the right one for its future. The Depot will become a shiny symbol of Detroit's progress and its success," previous owner Matthew Moroun said during a press conference on Monday.
"The Ford Motor Company's Blue Oval will adorn the building. I thank Bill Ford and Ford Motor for their vision and commitment to this building."
READ: Matthew Moroun's statement on sale of Michigan Central Station
Ford will announce its plans for the vacant building in a press event on June 19 at the old train station. The event will begin around 11 a.m.
The last train left Michigan Central Station 30 years ago and it has stood vacant ever since, a hulking embodiment of Detroit's long decline from America's manufacturing engine to its biggest municipal bankruptcy.
The 105-year-old building that once handled all of Detroit's passenger rail traffic closed in 1988 due to a decline in ridership and took on a new life in the subsequent years as a must-see destination for urban explorers, the homeless and scavengers, who picked it clean of anything valuable.
PHOTOS: A look inside a Detroit icon: Michigan Central Station