Major Downtown Development Receives Key ApprovalPosted: Updated:
A $71 million downtown development project in Fort Wayne has cleared a major step in its funding process. The city received unanimous approval from the Capital Improvement Board for $6.5 million to pay for loans on the nearly 800-space garage that will serve as the base of the mixed-use property. The city's redevelopment commission on Monday approved more than $4 million needed to secure the existing site.
The project gives a big lift to Fort Wayne's efforts to revitalize its downtown. Plans include a new headquarters for Ash Brokerage Corp. and 100 apartments, condominiums and townhouses.
Ash Brokerage intends to add 115 jobs.
City Council will soon consider approval of $2 million for demotion and other site preparation tasks.
Source: The City of Fort Wayne