City of Fort Wayne news release:
Redevelopment Commission Approves Two Economic Development Projects
Commission Also Takes First Step to Acquire Property Critical to Riverfront Development(July 14, 2020) – The Fort Wayne Redevelopment Commission is investing in two efforts to bring new business and jobs to the area.
During its Monday, July 13, 2020 meeting, the Commission approved an agreement to create a new U.S. 30 business and technology park, as well as an agreement to support an industrial “shell” building near the Fort Wayne International Airport. Additionally, the Commission approved an agreement to purchase property from Norfolk Southern Railway to be used for Riverfront Fort Wayne development.
“The actions taken today by the Fort Wayne Redevelopment Commission will make us even more competitive in attracting new jobs and growing our economy,” said Nancy Townsend, redevelopment director. “I’m grateful for the public-private partnerships that help us provide the shovel-ready sites and shell buildings needed to bring businesses to our region.”
About the US-30 Business and Technology Park: In 2015, the Fort Wayne Redevelopment Commission acquired approximately 150 acres of real estate at the northeast corner of the intersection of Flaugh Road and US-30 in northwest Fort Wayne. Since that time, the Commission has worked to prepare the site for a business and technology park. An agreement with Michael Kinder & Sons (MKS) calls for MKS to build its corporate headquarters on the site with an investment of more than than $3 million. Additionally, MKS will create five “shovel-ready” sites for development, including installation of all utilities and infrastructure at an estimated cost of $4,525,000. MKS will be reimbursed with tax increment revenue, generated by new development in the area.
About the industrial shell building at 8555 Aviation Drive: The Commission is investing in the construction of a new shell building, to be constructed by GH Land Company, LLC. The building will be located on an approximately 21-acre site near Fort Wayne International Airport with easy access to I-69 and I-469. It will offer 150,000 square feet and can be expanded to 240,000 square feet. The Fort Wayne Redevelopment Commission will participate in the project by reimbursing the developer for the interest on its construction loan until the building is purchased or leased by a business or for three years, whichever comes first. Total payments by the Commission to GH Land will not exceed $1,236,468. GH Land developed a nearby shell building that will soon be occupied by Amazon Services. GH Land and Amazon Services inked their agreement for the shell building before the building construction was even completed.
About the Norfolk Southern property acquisition agreement: In order to advance Riverfront Fort Wayne development, the Commission voted to enter into a purchase agreement with Norfolk Southern Railway for approximately 7.5 acres along the north side of the St. Marys River, generally from Degroff Street to North Calhoun Street. Headwaters Junction originally negotiated the purchase agreement in 2019 and is now transferring that agreement to the Fort Wayne Redevelopment Commission. The purchase price of the railway land is for $520,000; $468,000 will come from local income tax revenue and must still be approved by the Fort Wayne City Council. The land would be used for public spaces as well as private development.
“Advancing Riverfront Fort Wayne helps us continue to improve the quality of place that so many employers are looking for,” said Townsend. “I want to thank the Headwaters Junction Board of Directors for transferring the purchase agreement to the Redevelopment Commission and I look forward to working with them as they bring their vision of creating a vibrant regional destination to life.”
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