Study Shows Demand For Electric Works Offerings

Posted: Updated:
(rendering courtesy RTM Ventures) (rendering courtesy RTM Ventures)
FORT WAYNE -

A newly-released study says the planned $440 million Electric Works mixed-use innovation district in downtown Fort Wayne is poised to meet demand for office, apartment and retail space. The study, commissioned by Electric Works developers RTM Ventures, says the former General Electric campus already serves as a regional landmark and the redevelopment of the property could strengthen downtown Fort Wayne.

The study was conducted by Maryland-based RCLCO Real Estate Advisors, which says there is a strong market depth for the office, residential and retail sectors in downtown Fort Wayne. Analysts project an overall demand for 700 downtown apartment units, up to 115,000 square feet of retail space at Electric Works and 650,000 square feet of downtown office space over the next five years.

Greater Fort Wayne Inc. says, according to the analysis, Electric Works can help satisfy those demands in several ways:

  • The apartment space (approximately 90-100 units totaling 82,000 square feet) on the West Campus is projected to be fully leased approximately one year after project completion.
  • The retail space (83,000 square feet including a food hall/public market) on the West Campus is projected to be fully leased within 1-2 years after project completion.
  • The office space on the West Campus (224,000 square feet, plus 83,000 square feet of innovation space) is projected to be fully leased within 1-2 years after project completion.

"For months, potential tenant companies have been seeking us out, specifically looking for the amenities proposed at Electric Works," said John Urbahns, executive VP of economic development at Greater Fort Wayne Inc. "RCLCO's market analysis confirms what we've been seeing firsthand—that there’s a demand for a project like this, and that Electric Works can be a transformational project for our entire region’s economy."

RTM Ventures is currently trying to secure $65 million in public funding for the project, though Mayor Tom Henry has proposed a $50 million investment. The developers are hoping to break ground on the first phase of the project this year.

The study was requested in collaboration with the Allen County-Fort Wayne Capital Improvement Board. You can view RCLCO's presentation of the analysis below:

  • Perspectives

    • It's Time For The U.S. to Adopt a Presidential Regional Primary and Caucus System

      As a high school senior at North Central High School in Indianapolis, Martin Moore, one of the best teachers that I ever had, challenged our Accelerated American Government class to think about how we nominate presidential candidates in the United States. Little did I know at the time that our conversations about changing the presidential primary/caucus structure would ring so true a few decades later. In response to Mr. Moore’s challenge, I wrote a paper outlining...

    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

    • (photo courtesy Butler University)

      Aramark to End Operations at Butler

      Aramark Educational Services LLC has detailed plans to lay off 200 workers in Indianapolis. In a notice to the state, the company says the decision is the result of Butler University not renewing its contract to provide food services on the campus.

    • Metal Powder Products has Indiana operations in Noblesville and Campbellsburg.

      Manufacturer Growing Noblesville Operations

      Noblesville-based Metal Powder Products has announced plans to move a manufacturing division from Ohio to Hamilton County and add up to 80 jobs by 2020. The powder metallurgy product manufacturer says it will invest $1.5 million to increase production capacity in Indiana. The company currently employs more than 350 associates in its Noblesville and Washington County operations, and over 1,100 overall in the U.S. and China. MPP says it has already hired 51 employees as part of the...

    • Fishers Among Finalists For National Prize

      The city of Fishers is one of 12 finalists for the Robert Wood Johnson Foundation Culture of Health Prize. The award honors "communities that are bringing partners together around a shared commitment to health, opportunity, and equity."

    • Matt McIntyre is co-founder and executive director of Brackets For Good.

      Brackets For Good Launches New Program

      Indianapolis-based Brackets For Good Inc. is changing up its annual fundraising program. The sports-themed fundraising organization has launched Champ's Charity Challenge, in which users can fill out brackets for the NCAA men's college basketball tournament in the name of their charity of choice. The previous iteration of the program saw nonprofits competing in a tournament-style bracket of their own to see who could raise the most money. In an interview with Inside INdiana Business...

    • Joe Cudby

      Indiana Office of Technology Hires Chief Technology Officer

      The Indiana Office of Technology has added Joe Cudby as its chief technology officer. He is originally from England and last worked at Managed Housing in Washington, D.C.