Mayor Henry leads groundbreaking for $27 million downtown residential development project

slparker67

9 years ago

Webmaster’s note: According to Justin Brugger, Fort Wayne Redevelopment Director, before demolition of the project area, $14,000 annually was generated in property taxes in that one block area. After the project is completed, it’s estimated that $675,000 annually will be realized.

Mayor Tom Henry also stated during his comments that his goal is for downtown Fort Wayne to have 3,000 people living in it shortly. Currently, he places the number at roughly 800. 3,000 is the number he identifies as the, “…Critical mass necessary to have a lot more investment in downtown fromt he residential perspective.” In talking with the media later, he mentioned that at that point, grocery stores and other amenities would be more attracted to downtown Fort Wayne.

News release from the City of Fort Wayne:

Mayor Henry leads groundbreaking ceremony for $27 million downtown residential development project

(September 24, 2015) – Fort Wayne Mayor Tom Henry today led a groundbreaking ceremony to mark the beginning of construction on the $27 million Cityscape Flats residential development across from Parkview Field in downtown Fort Wayne.

Mayor Henry was joined by project developer Domo Development, LLC, City leaders, elected officials, downtown advocates and neighborhood leaders.

Project highlights:

163 unit multi-family complex consisting of five studio, 118 one bedroom, and 40 two bedroom apartments

14 row houses

173 space parking garage

Streetscape improvements

The 3.59 acre area is bordered by Ewing Street on the east, Fairfield Avenue on the west, West Jefferson Boulevard on the north, and Brackenridge Street on the south.

The development is $20 million in private investment, with the City’s investment being $7 million. The City’s participation includes the parking garage and streetscape work and comes from existing tax increment financing (TIF) funds and tax phase-in. No property taxes are being used to fund the City’s portion of the project.

“We’re continuing to see unprecedented momentum and growth in our downtown,” said Mayor Henry. “Unique housing options position Fort Wayne as an attractive location for residents and businesses. We’re investing in the future to make a meaningful difference in our community. Partnerships like the one with Domo Development are moving us forward in the right direction.”

Weigand Construction is the construction manager for the project, and Design Collaborative serves as the architect. Project investors include Tim Ash, Eric Doden, Sunstone Construction, Mark Webb and Larry Weigand. STAR Financial Bank and Old National Bank are the financial partners for the project.

Domo recently completed a 264-unit residential complex, Steeplechase at Parkview, in the area of Diebold and Dupont roads.