Cumberland Development LLC, a Fort Wayne-based firm comprised of local investors and business leaders, today formally sent a purchase offer to the City of Fort Wayne for the 30-plus-acre North River site.
Cumberland Development LLC news release:
Local investors submit offer to purchase North River site from City of Fort Wayne
Fort Wayne, Indiana (March 28, 2025) – Cumberland Development LLC, a Fort Wayne-based firm comprised of local investors and business leaders, today formally sent a purchase offer to the City of Fort Wayne for the 30-plus-acre North River site.
The offer, estimated to be in the $8 million-$10 million range, would add 20 percent to the cost the city paid to purchase the property combined with the costs for all initial remediation work it’s performed on the site to date. In addition, Cumberland will pay for all remaining remediation work necessary for the site to be developed, saving the city and taxpayers several million dollars as well. This would also allow the city to pay back the loan provided by the Capital Improvement Board (CIB) provided to purchase the property.
In its Request for Quote for the development of the North River site, the City has indicated its plans to use taxpayer money to pay for the signifi cant costs of remediation. It also states its intention to provide the property to the chosen developer for free or at a nominal cost. Selling to Cumberland instead would both generate and save millions of dollars in revenue for taxpayers.
Cumberland owns approximately 11 acres along High Street contiguous to the North River property, creating a unique opportunity to develop a bold, mixed-use planned urban development spanning more than 40 acres following national best practices for economic development and activity.
“This exceptional offer is reflTreoutective of our bold vision for the property and for the future of the city,” said Trout Moser, principal at Cumberland Development. “Not only does it make the best fi nancial sense for the city and taxpayers, it ensures this development is led by local leaders truly invested in the future of the community. Plus, no other developer is in a position to work as collaboratively with the community through the integration of our existing adjacent property with the North River Site.”
Once purchased, Cumberland intends to sell the combined properties to the North River Trust Co. who will oversee and own the development of the site including an estimated 2000 units of mixed use buildings.
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