I mean look at how Pittsburgh is turning around right now. That was a rust belt city that was assumed to be the next Detroit and just decay and die. But eventually the cost of doing business falls so much in an area that it begins to be an ideal place to set up shop. The low amount of high paying jobs allows you to set up and pay a bargain for wages relative to the rest of the country. Your property is super cheap and you basically have your pick of whatever you want relative to many parts of the country. The contractors that you bring in to fix up the property, bring in any machinery, etc. are all really cheap. To the extent that any of your suppliers are local they may end up being pretty damn cheap as well.
As much as Pittsburgh is a great model for reinvention, there are some significant differences. One is the role of major universities, and Carnegie Mellon and U Pitt have been major drivers for transition from heavy industry to health care and high tech. I don't see U Detroit and Wayne State in the same role.