Developers Tout Leasing Progress at Electric Works
(rendering courtesy RTM Ventures)
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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowDevelopers of the $440 million Electric Works project in Fort Wayne say pre-leasing commitments are going strong. RTM Ventures says it has secured commitments for more than 250,000 square feet of space, which includes the master lease of the Electric Works Innovation Center and food hall and public market.
RTM Ventures Partner Jeff Kingsbury says more than 160,000 square feet of commercial or institutional space has been claimed by tenants new to Allen County who plan to create hundreds of jobs.
"Both of these figures exceed the thresholds put forth in our Economic Development Agreement with the City of Fort Wayne and Allen County," Kingsbury said in a statement provided to Inside INdiana Business. "Indeed, all the tenants we have signed to date are new to Allen County, expanding within Allen County, or relocating within Allen County and creating new jobs. These early results are consistent with extensive third-party research showing that a mixed-use, walkable innovation district model can help grow the market in Northeast Indiana. "
Kingsbury says the group is looking to continue working with community and economic development leaders to establish program partnerships among businesses, higher education initiatives and the new STEAM high school. The developers are also looking to bring on "innovative, growth oriented" companies for office space, as well as entrepreneurs and small businesses for the Innovation Center.
Fort Wayne Mayor Tom Henry says the city understands the complexity and time-consuming nature of public-private partnerships such as Electric Works.
"We also know they’re critical to advancing our community and region as a point of destination for job and business growth, strong neighborhoods, and attractive quality of life amenities," the mayor said in a statement. "The City of Fort Wayne, along with the other public financing partners, want to see Electric Works happen and succeed. We’re committed and engaged partners with the Electric Works development team as the process continues to move forward. We stand beside the developers as they do all they can to secure tenants and their private financing."
In May, Kingsbury and former Greater Fort Wayne Inc. Chief Executive Officer Eric Doden appeared on Inside INdiana Business with Gerry Dick to talk about the importance the private sector will play in the future of Electric Works. You can watch the full interview by clicking the link below: