Fort Wayne, Ind., Nov. 08, 2018 (GLOBE NEWSWIRE) -- A historic former General Electric factory in Fort Wayne, Ind., will be resurrected as Electric Works, a mixed-use innovation district. On Tuesday, the project received final approval for a local funding package. When construction finishes on the West Campus in late 2020 or early 2021, the district will serve as an entrepreneurial hub featuring a startup incubator, Class-A office space, loft apartments, a public market, and more.
"This is one of the largest economic development projects in the country—one that will transform a landmark from the past into a magnet for 21st-century jobs," said John Urbahns, executive VP of economic development at Greater Fort Wayne Inc. "Fort Wayne has been building momentum as an up-and-coming market for several years now. Electric Works is the next step toward achieving our goal of building a nationally recognized economy."
The Wall Street Journal, in a Jan. 2 feature, called Electric Works "one of the most ambitious efforts to convert industrial complexes into modern downtowns."
The campus is on track for a reimagining similar to Durham, N.C.'s American Tobacco Campus and St. Louis' Cortex Innovation Community. Both projects played key roles in accelerating their communities' startup ecosystems and attracting new companies and jobs. A study by Novogradac, an independent accounting firm, forecasts that Electric Works will spur $387 million in annual economic impact.
RTM Ventures will develop the property, providing a blend of national experience and local expertise. RTM is a joint venture of Baltimore-based Cross Street Partners, Indianapolis-based Greenstreet Ltd., and Decatur, Ind.-based Biggs Development. Collectively, the firms have developed more than 17 million square feet of real estate.
"Securing local investment in Electric Works is an important step and milestone for this project and the community," said Josh Parker of RTM Ventures. "From the beginning, our community has recognized the transformational, catalytic potential Electric Works presents for our regional economy and future vitality."
The Electric Works West Campus includes 10 buildings totaling nearly 700,000 square feet. Spacious rooms, exposed brick interiors, wood-planked ceilings, and industrial-size gears are prominent features across the campus.
The site has a rich history of innovation dating back to the 1880s, mostly for producing electric motors. Engines used during World War II were manufactured there, as were generators used at Ground Zero during the recovery from the 9/11 attacks. At its peak, General Electric employed nearly 40 percent of the Fort Wayne workforce.
"In addition to securing local investment, Tuesday's vote is important for another reason: it strengthens our ability as a development team to meet the thresholds and benchmarks necessary to begin construction," added Jeff Kingsbury of RTM Ventures. "This overwhelming local support for the project clearly communicates to businesses, institutions, and investors that Fort Wayne is primed and ready for this project."
Revitalization plans call for:
- Nearly 225,000 square feet of Class-A office space.
- 83,000 square feet of innovation space.
- About 90-100 apartment units.
- 83,000 square feet of retail space, including a public market/food hall.
RCLCO Real Estate Advisors project the West Campus to be fully leased within 1-2 years after construction is finished. Several local entities have signed letters of intent to lease space on the campus, including Parkview Health, Indiana Tech, Fort Wayne Community Schools, and the Fort Wayne Public Market. Developers have also had extensive talks with out-of-market companies about locating at Electric Works and have received strong interest. Once completed, the West Campus is projected to host more than 1,500 permanent new jobs.
Electric Works is the latest step in a renaissance in the greater Fort Wayne area. Parkview Field, one of the top ballparks in Minor League Baseball, opened in the city's downtown in 2009. Since then, about $300 million of private investment has occurred in downtown Fort Wayne. For example, construction is underway on the $35-million revitalization project on The Landing, the city's original business district. Work will soon begin on a $27-million boutique hotel and a $62-million retail-residential mixed-use project near the riverfront called "Hive." In addition, Phase I of a $100-million riverfront development project is slated to open in 2019.
"The momentum here is obvious—not just in Fort Wayne, but throughout northeast Indiana. This project cements our place in the national conversation," said Eric Doden, CEO of Greater Fort Wayne Inc. "Electric Works is a site with a rich history, and now it has a future with unlimited economic and social opportunities."
About Electric Works
Electric Works is a mixed-use district of innovation, energy and culture, developed as a public/private partnership between RTM Ventures and the City of Fort Wayne. A redevelopment and reuse of the former General Electric campus in downtown Fort Wayne, Electric Works includes 39 acres, 18 historic buildings and more than 1.2 million square feet of space for office, educational, innovation, retail, residential, hotel and entertainment uses. For more information, watch the video and visit the Electric Works website.
About Greater Fort Wayne Inc.
Greater Fort Wayne (GFW) Inc. serves Fort Wayne and Allen County, Indiana, as its metro chamber alliance and primary point of contact for economic growth. GFW Inc. focuses on prosperity and community vibrancy through economic development, advocacy, programs and resources that support business success, leadership development, graduate retention and community engagement. To learn more, visit www.greaterfortwayneinc.com.
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