FORT WAYNE, Ind. (WOWO): A proposal to bring nearly $62 million worth of mix-used development to Fort Wayne’s downtown Riverfront project was announced Monday.
Mayor Tom Henry was joined by representatives of Continental Property Group for the announcement.
The project would be located on 3.34 acres at the northeast corner of Harrison and Superior Streets, directly east of the new Promenade Park, which is under construction and part of the Riverfront projejct. The private development would be a seven-story mixed-use development with approximately 150 apartment homes and approximately 20,000 square feet of retail space, as well as a parking garage with more than 1,000 spaces.
“This is exactly the type of private investment we have been working to attract along the riverfront. Not only will the project bring more people to the riverfront, but it will also leverage private investment to assist in the construction of a much-needed parking garage,” said Mayor Henry. “This development is another example of the positive momentum we’re experiencing in Fort Wayne. This unique project further positions our community and region as a point of destination for economic development opportunities, job growth and quality of life amenities that are attractive to businesses, individuals and families.”
The Fort Wayne Redevelopment Commission will consider the proposal for the new riverfront development Monday at its 4 p.m. meeting. During the meeting, the development agreement will be discussed. It calls for investing property taxes paid by Continental Property Group, as well as revenue from the parking garage, in to the development.
On January 16, 2018, the Fort Wayne City Council will also consider a proposal to invest a portion of Local Income Tax and Community Economic Development Income tax over 25 years.
The City will not have to borrow or bond for any costs of the parking garage or project.