FORT WAYNE, Ind. (WOWO): The redevelopment of Fort Wayne’s former GE campus could have a massive economic impact on the surrounding area.

Greater Fort Wayne Inc. CEO Eric Doden tells Inside Indiana Business it could spur an impact of $1-billion for the Fort Wayne area’s economy. Greater Fort Wayne Inc. is working with GE to find potential buyers for the 31-acre downtown campus, with several national developers reportedly already showing interest ahead of the July 13th application deadline.

Doden adds that the company could choose a proposal by the end of the year.

Inside Indiana Business also reports that the project was a key part of northeast Indiana’s application for Regional Cities funding.

Thousands of people used to work at the campus before GE announced its closure in 2014.