Minnesota Company Planning $62M Fort Wayne Investment
Plans for a nearly $62 million private, mixed-use development have been announced for the Fort Wayne riverfront. The seven-story project will be located next to Promenade Park, which is currently under construction and is one of the signature pieces of the downtown resurgence. Plans from Minnesota-based Continental Property Group include 150 apartments, 20,000 square-feet of retail space and more than 1,000 parking spaces. The city's Redevelopment Commission is slated Monday afternoon to consider the project's development agreement.
The company will work on design and construction elements with Design Collaborative and Weigand Construction, both local firms.
Mayor Tom Henry characterizes the proposal as "exactly the type of investment we have been working to attract along the riverfront." He adds "this unique project further positions our community and region as a point of destination for economic development opportunities, job growth and quality of life amenities that are attractive to businesses, individuals and families."
The development could be complete in 2019 and construction could begin as early as the spring. The city says the agreement includes investing property taxes paid by Continental Property Group parking garage revenue into the project. If approved mid-January, a portion of Local Income Tax and Community Economic Development Income tax during the next 25 years could also be pumped into the development.
Continental Property Group's property portfolio also includes a more than 860,000 square-foot facility in Fort Wayne that is home to an Ohio-based Pro Shear Corp. operation.
Fort Wayne will be the focus this weekend on a special edition of Inside INdiana Business with Gerry Dick from Parkview Field in the city's downtown.