Electric Works gets $500k from Fort Wayne Community Foundation
The Community Foundation of Greater Fort Wayne announced Jan. 4 that it is investing $500,000 in Electric Works.
The project is transforming the former General Electric campus on Broadway into 1.2 million-plus square feet of space for office, education, retail, residential, hotel, and entertainment uses.
Phase 1 (West Campus) includes about 712,000 square feet of space and an estimated project cost of $248 million.
“There is no doubt that Fort Wayne continues to stay relevant by advancing bold and transformative projects," said Brad Little, president and CEO of the Community Foundation of Greater Fort Wayne, in a news release. "The Community Foundation sees this as another opportunity to invest in the future of Fort Wayne and the region. Similar to our support and participation in the riverfront and The Landing projects, we want to see the momentum continue.”
Kevan Biggs, of RTM Ventures, the development team behind Electric Works, said in the statement, “The Community Foundation’s belief in and support of Electric Works as a transformational project for our community’s long-term future is important. With its deep knowledge and keen understanding of Allen County’s most pressing needs, the Community Foundation board clearly recognizes how Electric Works will be a catalyst for community improvement. We welcome their investment and partnership as we enter the next phase of the project.”
RTM Ventures is made up of Baltimore-based Cross Street Partners, Indianapolis-based Greenstreet Ltd., and Decatur-based Biggs Development.
It will take 24 months to complete Phase 1, with the goal of finishing by Dec. 31, 2020, to take advantage of the full value of federal historic tax credits.
The next step for the project is about $7 million in environmental remediation at the site, which has been used for manufacturing since 1883, mostly for producing electric motors. At its peak, General Electric employed nearly 40 percent of the Fort Wayne workforce, according to Greater Fort Wayne Inc.
Community Foundation Invests in Electric Works from Inside INdiana Business