The city of Fort Wayne is looking for a new developer for a site next to the nearly-completed Promenade Park. The city says Minnesota-based Continental Property Group is not able to meet the conditions of a previously-approved economic development agreement for a $62 million mixed-use riverfront development.
Plans for the original project included 150 apartments, 20,000 square feet of retail space and more than 1,000 parking spaces. Nancy Townsend, executive director of the Fort Wayne Redevelopment Commission says the city met all terms and conditions of the agreement, but CPG was unable to meet theirs.
"I have already heard from other developers who are interested in the site and I look forward to talking with them about creating a project that will will be a great asset to our community," said Townsend. "It’s important to note that recent market studies show our downtown and riverfront have capacity for additional housing and commercial space. We have great partners in developers like Great Lakes Capital, the Model Group, Provenance Hotels, White Lodging and RealAmerica who are making successful investments in our downtown."
The city says it will meet with developers to find a new partner for the project.