Electric Works Moves Forward
By Alex Brown, Assistant Managing Editor of InsideIndianaBusiness.com
A massive effort to redevelop the former General Electric campus in downtown Fort Wayne is getting a boost after weeks of uncertainty. RTM Ventures, the developer behind the Electric Works mixed-use innovation district, and Fort Wayne Mayor Tom Henry have announced a tentative agreement to move the project forward. The deal includes a revised economic development agreement, as well as the addition of a co-developer and a new investor.
The project had been in jeopardy after the Fort Wayne Redevelopment Commission terminated the previous economic development agreement with RTM Ventures, citing concerns the developer would be able to secure the private financing needed to move forward.
The moved caused concern for the Fort Wayne City Council, which had approved a preliminary resolution to investigate the reasoning behind the commission's move. The resolution did not come to a final vote after city officials said recent discussions about continuing the project had been positive..
The city says the revised EDA will provide a framework that sets expectations for the public and private sectors to meet in order to close on the financing for the project. When finalized, the EDA must be approved by various local governing bodies, though a time frame for those votes is not yet known.
Both the city and RTM Ventures say they will work to close on the project by the end of the year.
Cincinnati-based The Model Group has joined RTM Ventures as the new co-developer for Electric Works. The company has experience in Fort Wayne, having led the $34 million redevelopment of The Landing in the city's downtown.
“Electric Works presents the rare opportunity to revitalize a vacant and blighted remnant of the past by leveraging the historic buildings to create a mixed-use innovation district that will impact the economy of northeast Indiana,” Bobby Maly, chief executive officer of The Model Group said in a news release. “We look forward to working with Mayor Henry and to again partner with principals of RTM Ventures in our shared mission to positively transform communities.”
Read the full story on InsideIndianaBusiness.com.