The City of Fort Wayne announced plans to build a mixed-use development directly east of the new Promenade Park, which will cost an estimated $61.7 million.
The complex, which is expected to cover 3.34 acres at the northeast corner of Harrison and Superior, will be seven stories, feature 150 apartments and 20,000 square feet of retail space, along with a parking garage with more than 1,000 spaces.
The project is the result of a public-private partnership between the city and Continental Property Group, who will cover the entire cost up front and receive roughly $20 million in reimbursement from the city. The city’s portion of the funding will come from the recent 0.13 percent income tax increase and parking fees on site.
At-large councilman and long-time riverfront advocate John Crawford was the main sponsor of the tax increase. He says this new partnership and project marks the beginning of an exciting new phase in the riverfront project, calling it a “tipping point.”
“This is the one we’ve waited for,” said Crawford. “Everything we’ve done before is to get to this point, where they come to us, mostly with private money, and I believe this is the first of many like this.”
Continental Property Group says the estimated completion of the project is fall 2019. However, Mayor Tom Henry says there’s an internal wager the project will be done next fall, in conjunction with the grand opening of the riverfront’s first phase.
“I’m not taking that bet, that’s pretty aggressive,” Henry said to laughter. “But they’re convinced that with the expertise they have that they can do it. So, we’ll see.”
Spending income tax revenue on the project doesn’t happen immediately; City Council is expected to hear a proposal that would dedicate some income tax revenue to the project over 25 years. That discussion will likely take place on January 18.