FORT WAYNE, Ind. (Inside INdiana Business) – A new seven-story mixed-use building in downtown Fort Wayne received has received approval from the city’s Redevelopment Commission. The city says the project will provide commercial and retail space as well as public parking.
The city says the $43 million project will feature nearly 70,000 square feet of office and retail space, as well as a 383-space public parking garage.
The project is being developed by Fort Wayne-based Ashberry Eight LLC, which is also affiliated with the ownership and development of other downtown development projects, including Ash Skyline Plaza and the 202 Metro Building.
The commission voted to lease the garage and make payments totaling approximately $15 million over about 20 years. The payments will come from tax increment revenue generated by the project and the 202 Metro Building.
As part of the agreement, the city says the developer will also contribute $100,000 to the Public Art Commission.
Construction is expected to begin by the end of the year and will be complete in about two years.