Pandemic Causes Delay on Electric Works Progress
(rendering courtesy of 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 NowThe developer behind the $440 million Electric Works project in downtown Fort Wayne is updating plans as the COVID-19 pandemic continues. RTM Ventures says while the pandemic will likely delay efforts to finalize the deal and begin construction, certain work is continuing.
The developer says its economic development agreement with the Fort Wayne Redevelopment Commission contains provisions in the event that “unique outside forces” such as a global pandemic causes a delay. The group says it is in regular communication with the project’s public funding partners about the status of the project.
Environmental remediation work at the former General Electric campus is continuing while the architects and engineers associated with the project are also continuing their work. In the meantime, RTM Ventures says the Electric Works tenants, including anchor tenant Do It Best Corp., remain committed to the project.
“Do It Best Corp. remains actively engaged, working with us to make Electric Works the ideal place for its global headquarters and 400-plus employees,” the developer said in an update Tuesday. “In addition, work continues in preparation for the start of construction.”
RTM Ventures says as soon as construction begins, Electric Works will invest more than $200 million over the next 24 months. The developer did not provide an estimated timeline of when that could occur given the pandemic-induced delay.
You can read the full update from RTM Ventures by clicking here.