FORT WAYNE, Ind. (WOWO): Fort Wayne City Council has approved a tax abatement for a new apartment complex on Superior Street.

According to the Journal Gazette, the existing building at 102 W. Superior St. will be transformed into Superior Lofts, providing 72 loft-style apartments to the downtown area.

The project will cost around $9.8 million and include retail space on the ground floor.

The new apartments are in the downtown economic development target area and the total value of the tax abatement will be about $1.6 million over a 10-year period.

RealDeal Development told the Journal Gazette, Superior Lofts will be in a similar style as Randall Lofts on S. Harrison St.

The entire complex will be finished by summer 2016.