The Ford Motor Company has unveiled some of its plans for the Michigan Central Railway Station in the Corktown area of Detroit.
Ford purchased the 18-story, 1914 building from the Maroun family.
Today in a huge, celebration-like event, Ford has announced its plans for the building that's been derelict since it closed in 1988.
Bill Ford Junior, Executive Chairman of the company, was cheered repeatedly as he spoke.
He says the building is a symbol in 2 different ways.
"For decades this station was the place where you knew you'd arrived. But once the last train pulled out it became a place where hope left. As parts of Detroit hollowed out so did this station. It became a symbol of the city's hard times a monument to its struggles it's time for that to change"
Ford says Ford Motor Company changed the world and wants to do it again.
"This company was born of disruption. We've all looked at innovation in a different way. And that's what we're doing again now. We've already moved 220 people from our self-driving and electrical vehicle teams into the factory here in Corktown. And eventually I will bring all our mobility teams to this neighbourhood"
He says the beauty of the building will be brought back and made a hub for the future.
"We plan to renovate the grand hall and make it majestic again and we want local shops and local restaurants alongside the inventors and dreamers and all the young people here on this stage mapping out this future with us. We're planning a modern work space in the tower above and we plan to restore it all in an environmentally friendly way"
The automaker reportedly plans to invest $1-billion in the region and move its autonomous vehicle department to the building.
The renovation plans call a portion of the building to be open to the public.
The company brought in employees to tour the building prior to the opening ceremony.
Michigan Governor Rick Snyder, Detroit Mayor Mike Duggan, Wayne County Executive Warren Evans and other city officials were also in attendance.