Mayor: Investment in downtown Fort Wayne paying off
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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowThe mayor of Fort Wayne says economic momentum is continuing in the city, but certain challenges remain to keep up with that growth.
Last week, Mayor Tom Henry announced an as-yet unnamed Fortune 100 company is looking to develop a new data center campus on a 900-acre plot of land, most of which will need to be annexed by the city.
“We’re just very excited,” said Henry. “It’s a company that we’ve been trying to entice to come here for some period of time, and it seems like it’s going to be coming to fruition.”
Speaking with Inside INdiana Business Host Gerry Dick ahead of last week’s Engage Northeast Indiana event, the mayor talked about the impact of such a project.
“They’re prepared to invest a considerable amount of money in the city of Fort Wayne,” Henry said. “Obviously, if it presents itself, a number a buildings will be built, construction jobs will be developed and, of course, their own workforce, which is up to them to develop.”
The city said the company cannot be named at this time “due to the competitive nature of their industry.” However, Henry said that announcement will be made “very soon.”
While the city is preparing for the company’s commitment, Henry acknowledges that a demand for affordable housing is probably the city’s biggest challenge.
“A lot of developers who historically would work with us on developing affordable housing now have a market for market-priced homes, so they’re a little hesitant to go with affordable housing,” he said. “So, that presents a challenge, but we’ll take care of it.”
The mayor noted the residential growth in downtown Fort Wayne, with the number of residents quadrupling over the last decade. He said there are another 250 apartments and townhomes being built downtown currently, with discussions currently taking place for another $100 million development potentially coming soon.
With the residential developments, alongside projects such as the Electric Works innovation district at the former General Electric campus and the Riverfront Fort Wayne development, Henry said it’s all part of a long-term plan.
“The risk that we took a decade or so ago was that we felt in order to really be attractive to potential developers, employers, people who maybe want to call Fort Wayne home, we had to have a vibrant, thriving, exciting downtown,” he said. “If you don’t have a downtown that’s inviting, the probability of people coming back is reduced significantly.”
Henry said the city has invested close to $1 billion in its downtown and that investment has “paid off several times over.”