Electric Works Lands State Incentives

Posted: Updated:
FORT WAYNE -

The first phase of a major redevelopment project in downtown Fort Wayne will receive state assistance. The Indiana Economic Development Corp. has awarded a conditional tax credit for Electric Works, a mixed-use innovation district located at the former General Electric campus. The incentive is part of the IEDC's Industrial Recovery Tax Credit program, used to boost investment in the redevelopment of former industrial facilities.

Developers are projecting an initial investment of more than $213 million for the first phase of the project. As a result, the IEDC Board of Directors has approved a tax credit of up to the lesser of $50 million or 25 percent of the total investment. The developers will not be able to receive the incentives until they begin the investment in the redevelopment efforts.

"Quality of place is vital to economic development and will be a key catalyst to Indiana’s continued growth," said Elaine Bedel, president of the IEDC. "The redevelopment of vacant industrial facilities is important to supporting urban revitalization and to creating vibrant communities across Indiana for Hoosiers to live, work and play. The reuse of the former GE campus is a bold vision and will be transformational in shaping the future of Fort Wayne."

Work on the first phase of the project is expected to begin in 2018. It will include a total of 616,000 square feet of office, educational, retail, restaurant, innovation, residential and recreational space. When the entire Electric Works project is complete, the district will be comprised of 1.2 million square feet of space among 18 buildings covering 39 acres.

The developers cite an economic impact study which showed the project could generate an estimated $219 million in state tax revenues over the first 20 years and nearly $400 million in annual economic impact. It is expected to support more than 2,800 jobs once it begins operation.

"We are grateful to Governor Holcomb and the IEDC for their support of this transformational project as we invest in the future of Fort Wayne and northeast Indiana," said Jeff Kingsbury of RTM Ventures, the developer of the project. "Fort Wayne is creating a nationally recognized, vibrant regional economy, and Electric Works will build on the history of innovation that is the legacy of this community to create jobs, and support Indiana’s economic development strategy."

Plans for the project were announced in February. RTV Ventures, a join venture of Baltimore-based Cross Street Partners LLC, Indianapolis-based Greenstreet Ltd., and Decatur-based Biggs Development, completed the $5.5 million acquisition of the property in September.

Don't forget to catch a special Fort Wayne Town Hall edition of Inside INdiana Business with Gerry Dick this weekend! For showtimes throughout the state, click here.

  • Perspectives

    • What’s Your Biggest Waste of Money?

      Americans are in the age of reducing waste. There’s a big push to purchase sustainable products, reduce our usage of plastics, and recycle. But has this trend carried over to our personal finances?  Not really.  In a study by The Ascent, the financial expertise arm of The Motley Fool, more than 60 percent of respondents felt they have wasteful financial tendencies. Why is that?

    More

Subscribe

Name:
Company Name:
Email:
Confirm Email:
HTML
INside Edge
Morning Briefing
BigWigs & New Gigs
Life Sciences Indiana
Indiana Connections
INPower
Subscribe
Unsubscribe

Events



  • Most Popular Stories

    • POET ethanol co. announced in Aug 2019 it was closing the plant in Cloverdale. (photo courtesy: POET)

      Cloverdale Ethanol Plant Closes

      South Dakota-based POET LLC, the nation’s largest biofuels producer, is moving forward with a plan to shut down its biorefining plant in Cloverdale, leaving 50 Hoosiers without jobs effective Friday. The company tells Inside INdiana Business that it is not making any changes to the plans announced two months ago. 

    • (IIB Photo/Joe Ulery)

      Neighborhood Concerned About Old GM Site, Too

      As the city of Indianapolis and Ambrose Property Group squabble about the future of the old GM Stamping plant site in downtown Indy, a fight that could end up in court, residents who live near the property are weighing in with their concerns. Jay Napoleon, president of The Valley Neighborhood Association, says it’s important the mixed-use vision for the property remain intact. Napoleon and Ambrose Property Group Vice President Mali Simone Jeffers talked about the future of...

    • (Image of downtown Shelbyville courtesy of Mainstreet Shelbyville Inc.)

      Shelbyville Unveils Major Downtown Redevelopment

      The city of Shelbyville is announcing what it calls a major downtown redevelopment project to boost overall quality of life. The project plans feature green spaces, increased parking, market-rate housing, and infrastructure for public entertainment and community events. 

    • What’s Your Biggest Waste of Money?

      Americans are in the age of reducing waste. There’s a big push to purchase sustainable products, reduce our usage of plastics, and recycle. But has this trend carried over to our personal finances?  Not really.  In a study by The Ascent, the financial expertise arm of The Motley Fool, more than 60 percent of respondents felt they have wasteful financial tendencies. Why is that?

    • The IU School of Informatics, Computing and Engineering will now be named for Fred Luddy for his $60M gift. (photo courtesy James Brosher/IU)

      $60M Gift to Fund AI Center

      An Indiana University alumnus who founded the information technology firm, ServiceNow, has given his alma mater $60 million to establish an artificial intelligence center. The university says the gift from cloud-computing pioneer Fred Luddy is the second largest in the history of the IU.