Historic designation brings benefits for Electric Works
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The National Park Service recently added the Electric Works innovation district near downtown Fort Wayne to the National Register of Historic Places. Ancora, the lead developer of Electric Works, says the listing is the initial stage of qualifying for federal preservation tax credits to help with further development of the former General Electric campus.
Jeff Kingsbury, chief connectivity officer for Ancora, stated that preserving significant places necessitates partnerships between the public and private sectors. Tax credit programs at the state and federal levels are wise investments in collaborating with private funding to bring about projects like Electric Works, he said.
The former GE campus, which dated back to 1883 and was once a major economic engine for Fort Wayne, has been revitalized by a multimillion-dollar investment from Ancora.
Electric Works is the largest historic adaptive reuse project to receive such the historic designation in Indiana, according to Ancora. Kingsbury commented on the significance of the achievement.
“The federal historic tax credit was an important part of the public-private partnership and financing for the West Campus of Electric Works,” said Kingsbury, noting the West Campus represents the $286 million first phase of the development.
He said the Electric Works district satisfied several important conditions according to the criteria set forth by the NRHP.
First, the district has significantly contributed to the overall pattern of American history, indicating its importance in the grand scheme.
Second, the district is associated with significant individuals from American history, adding to its cultural and historical significance.
Third, the buildings within the district possess unique and distinctive architectural or construction features that make them stand out from other structures of their time.
Kingsbury concluded that the district has either already yielded or is likely to yield important historical information, further cementing its place in American history. These factors combine to make the Electric Works district a truly important and valuable piece of American history that deserves recognition and protection, he said.
“The former GE campus was an economic engine for Fort Wayne for over a century, where pioneering inventors developed new technologies that launched legacy companies we still know today,” Kingsbury said in a news release.
Kingsbury believes tax credit programs are crucial in preserving significant locations and fostering collaborations between the public and private sectors, enabling ambitious initiatives like Electric Works to materialize.
Electric Works’ initial phase encompasses over 700,000 square feet of space. The second phase includes a 1,143-spot parking garage, an early childhood education center, and extra commercial space spanning 9,000 square feet. Meanwhile, the project’s subsequent phase will also involve the construction of new residential space, dubbed The Elex, which will consist of almost 300 apartments, with roughly 75 units designated for individuals aged 55 and above.
Kingsbury said the federal historic tax credit would play a crucial role in the future stages of development, which will include an additional half-million square feet of historic structures on the East Campus, which is the second phase of the Electric Works project.