The $5.5 million sale by General Electric of its former Fort Wayne campus is complete. RTM Ventures, the redevelopment group made up of partners from Baltimore, Indianapolis and Decatur, could begin remediation efforts by year’s end. Plans for the more than 30-acre campus include some $300 million in development funded through public and private investment.
In February, Cross Street Partners LLC of Baltimore announced intentions to acquire the abandoned property near the city’s downtown and work on a long-term effort to transform it into an innovation district. The project received a new name — Electric Works — in May, the same month Fort Wayne-based Weigand Construction was selected as construction manager. Indianapolis-based Greenstreet Ltd. and Biggs Development of Decatur are part of RTM Ventures with Cross Street Partners.
The publication reports remediation of the more than 115 year-old site could cost up to $9 million. Occupants of the first phase could move in as early as 2019. A $220 million funding package could be locked in by late-spring or early summer of next year, developer Kevan Biggs told The Journal Gazette.