Fort Wayne’s riverfront development project took another step forward Thursday, as the City’s Board of Park Commissioners closed on the final three properties needed to start ground work on Phase 1 of the project.
Phase 1 development will take place between Harrison Street and the Wells Street Bridge, on the north and south sides of the St. Marys River. Some goals of development include a promenade, park pavilion, and event lawn.
The Fort Wayne Parks department offered a combined $1.27 million for the properties in early 2016, which was declined. In response, the department filed a lawsuit to obtain the properties in early June.
The closing comes exactly one month after the city reached a settlement to obtain the properties from Cambray & Associates and Red Bird Properties.
In the settlement, Cambray & Associates took home $850,000 while Red Bird was granted $1.3 million. Those payouts will be funded by the Allen County-Fort Wayne Capital Improvement Board and the Community Foundation of Greater Fort Wayne.
Thursdays’s closing allows the city to begin environmental testing of the land, and construction is slated to begin in July. The City of Fort Wayne projects a completion of Phase 1 by late 2018.