Ft. Wayne High-Rise Gets Funding Boost
(Image courtesy of the city of Fort Wayne)
Subscriber Benefit
As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowFort Wayne Mayor Tom Henry has announced a major investment in a downtown mixed-use development. South Bend-based Great Lakes Capital will invest $40 million to develop the residential portion of the Ash Skyline Plaza.
The residential portion will be known as Skyline Tower and GLC’s investment will go toward constructing 124 apartments as well as 170,000 square feet of retail and office space. GLC says it has also committed to relocating its offices into Skyline Tower.
"I’m encouraged by the momentum we continue to see in our downtown," said Mayor Henry. "GLC will be a great partner, and we appreciate their commitment to Fort Wayne as we work together to move our community forward in the right direction. Providing additional housing and retail opportunities in the heart of our City strengthens our position as a destination place for individuals, families, and businesses. We’ve done our due diligence to ensure the residential piece is reflective of the tremendous investments taking place in our downtown and community as a whole."
The city says GLC will have financial assistance thanks to Community Revitalization Enhancement Credits from the Indiana Economic Development Corporation and New Markets Tax Credits. The city will also invest a $4 million bond toward the tower which will have to be approved by the Fort Wayne Redevelopment Commission and the Fort Wayne City Council.
Hanning & Bean Enterprises had initially invested $30 million for the residential portion of the project but pulled away over a year ago. GLC’s investment brings the total for the project to about $110 million. In addition to the GLC investment, Ash Brokerage is already investing up to $29 million for 95,000 square feet of office space and the city of Fort Wayne is investing $39 million for the 1,100-space Skyline Garage.
If the necessary approvals are made, construction on the project could begin in late summer to early fall. The city expects the retail and office spaces to be completed in late summer/early fall 2017 with the residential portion expected to be complete in late 2017 or early 2018.