Quicken has pledged $10 million to the about $140 million project.
Billionaire Dan Gilbert and his company Quicken Loans will be responsible for giving the M-1 Rail its name.
Officials say work laying the track around the park is expected to start Monday.
A section of I-94 in Detroit will be closed in both directions this weekend in Detroit so crews can work on the M-1 Rail project.
A bizarre discovery at a construction site for the M-1 Rail in Detroit has investigators scratching their heads.
The facility will be located between Bethune and Custer Streets, at the northern end of the 3.3-mile modern streetcar system.
Construction on the M-1 Rail project on Woodward will continue through winter, officials stated.
America’s Thanksgiving Parade will march down Woodward, but due to M-1 construction, there will be three “pinch” points along the route.
The route will include “pinch points” where the road narrows past heavy construction, which could obstruct views of the parade.
Several locations in southeastern Michigan are being considered for final assembly of the streetcars, which will be 73 feet long, 13 feet high and 8½ feet wide.