Electric Works news release from RTM Ventures concerning the completion of financing for the project:
Electric Works developers complete closing on $286 million in financing for mixed-use innovation district
FORT WAYNE INDIANA (January 12, 2021) – The development team behind Electric Works announced today that it has closed on $286 million in project financing. Officials say they will now invest more than $200 million alone over the next 24 months to redevelop the historic former General Electric campus.
Weigand Construction has already begun mobilizing for the massive redevelopment project that will ultimately create and support approximately 2,000 construction-related jobs. The project – first introduced back in 2017 when RTM Ventures acquired the property from General Electric – will play a pivotal and critical role in helping the local and regional economy recover and regain its momentum.
“Reaching this milestone took the collaboration, commitment and passion of many, many people,” said Josh Parker of RTM Ventures, the development team behind Electric Works. “We are grateful to our public and private sector partners for their continued support and belief in the potential of Fort Wayne and this project – and the profound positive impact it will have on the city, the region and the state. To the community, we are ready to make your vision of Electric Works a reality.”
The 12-acre West Campus – the first phase of Electric Works – is expected to generate nearly $300 million in economic impact during construction and almost $400 million in annual economic impact when the campus opens in 2022. The West Campus will include more than 700,000 square feet of creative office, co-working, research, entertainment, and retail space as well as a food hall and public market, a STEAM high school, primary care clinic and pharmacy.
With more than 60 percent of the West Campus already pre-leased, Electric Works is anchored by the global headquarters of Do it Best Corp., with other major tenants including Parkview Health, Fort Wayne Community Schools, Medical Informatics Engineering, Ruoff Mortgage, Fort Wayne Metals, IU Ventures, and Indiana Tech.
“Electric Works is a once-in-a-generation opportunity for our city and our region – it keeps us moving forward and continues the momentum of positive development that has been taking place in downtown for the past several years,” said Tim Ash, CEO of Fort Wayne-based Ash Brokerage and a partner in RTM Ventures. “2020 was a historically challenging year on many levels, and we are incredibly fortunate as a community to have a project of this scale and impact ready to go. It is an example of how Fort Wayne is going to be a ‘net winner’ in attracting and retaining talent and creating new jobs.”
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 adaptive reuse of the former General Electric campus, the first phase of Electric Works includes more than 700,000 square feet of space and offers office, innovation, education, healthcare, retail, entertainment, and community uses to create new opportunities for inclusive economic growth. For more information, visit the Electric Works website.
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