Electric Works Secures Private Funding

(rendering courtesy of RTM Ventures)

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The developer of the $440 million Electric Works mixed-use innovation district in Fort Wayne says it has secured the private financing needed to continue. Our partners at WPTA-TV report RTM Ventures has been approved for a $62 million loan for the project to redevelop the former General Electric campus near the city’s downtown.

During a meeting of the Fort Wayne City Council this week, Kevan Biggs of RTM Ventures said the loan will allow the developer to meet the financial obligations of its economic development agreement with the city, according to the station.

The agreement, which recently received its fifth extension, required RTM Ventures to secure financing by June 30 and close the deal by September 30. Once that occurs, the developer will then be able to receive $65 million in public funding for the project.

Biggs told the council the developer has 56% of space on the campus pre-leased. New Haven-based Do It Best Corp. announced in February it is relocating its headquarters to Electric Works, making it the anchor tenant at the campus.