Ford Motor Co. broke ground on a wide-ranging plan to transform its headquarters in Dearborn, Mich. at a project it's calling Wagner Place in the western sector of the city, the company announced.

This will be the initial component of the plan, which also includes renovations to the existing Ford World Headquarters building projected to start in 2021.

Wagner Place is a 150,000-square-foot facility that will provide office space, retail stores, and restaurants for 600 Ford employees. It will have first-floor retail and restaurants, two floors of work space and a rooftop patio. Ford is investing $60 million in the project.

Ford's global data insights and analytics employees will occupy the building.

The facility gets its name from the 120-year-old former Wagner Hotel. The hotel's facade and iconic turret will be incorporated into the project.

To support the project, the city of Dearborn will construct a 373-spot public parking structure near the development for consumer and Ford employee parking with $3 million from the Michigan Strategic Fund.

Dearborn is overseeing an $18 million investment for the west downtown area including Brownfield Redevelopment Authority funds and other financing. The city will make significant utility improvements and add streetscaping elements to enhance the project and the area.