Electric Works takes two big steps in Fort Wayne, including getting Indiana Tech as 1st tenent

A big part of the plan for the 1.2 million-square-foot, multiuse project is to create space for innovators and innovative uses. Indiana Tech began talking to Greater Fort Inc. and the Electric Works development team during the summer about how the university might fit into that, said Brian Engelhart, vice president of marketing and communication.

“We’ve continued to grow here and as we looked at their vision for the place and what it could do for Fort Wayne it really seemed to dovetail with our history of growth over the last few years and be an opportunity for us to maybe do something new and innovative in partnership an interesting development like that,” Engelhart said.

“Both from a perspective of maybe introducing some new programs for our students, and partnering with area companies as an option, as well as what it could do for the community, it began to seem like, why wouldn’t we want to be involved? That was really what led to us signing the letter of intent. It shows we’re serious about working with the team to find just the right fit for what our space could be.”

Although the Indiana Tech letter of intent is the first to be signed, some others are in the works, said Jeff Kingsbury, of Indianapolis-based Greenstreet Ltd., which together with Baltimore-based Cross Street Partners and Decatur’s Biggs Development make up RTM Ventures.

“We’re being very thoughtful and deliberate in how we’re curating the tenants,” Kingsbury said.

Indiana Tech doesn’t have a clear vision yet for what its space might become, but signing the letter allows it to “hone in” with the development team and perhaps consult with other potential tenants or area companies about opportunities for partnering, Engelhart said. The partnerships might also lead to sources of funding for the project, but the primary goal is to develop a plan that will serve the university’s students and the community’s talent needs.

On Dec. 15, the Indiana Economic Development Corp. approved the award of up to $50 million in Industrial Recovery Tax Credits, which are used as an incentive to stimulate investment in the redevelopment of former industrial facilities requiring significant rehabilitation or remodeling expenses.

The award is based on an expected initial investment of more than $213 million for phase one of Electric Works, which is expected to begin next year. The tax credit is conditioned upon the investment in the project, which must be made first. It is capped at $50 million or 25 percent of the investment, which ever is less.

The portion of the campus west of Broadway is being developed first. The total cost for redeveloping the entire 39-acre campus, which includes 18 buildings on 39 acres, may reach $400 million.

“Fort Wayne is creating a nationally recognized, vibrant regional economy, and Electric Works will build on the history of innovation that is the legacy of this community to create jobs, and support Indiana’s economic development strategy,” Kingsbury said.

The project will include office, retail, restaurant, residential, innovation, educational and recreational spaces.

“Quality of place is vital to economic development and will be a key catalyst to Indiana’s continued growth,” said Elaine Bedel, president of the IEDC, in the announcement of the tax credit award. “The redevelopment of vacant industrial facilities is important to supporting urban revitalization and to creating vibrant communities across Indiana for Hoosiers to live, work and play. The reuse of the former GE campus is a bold vision and will be transformational in shaping the future of Fort Wayne.”

A recent economic impact study on Electric Works estimated the project would generate at least $219 million in state tax revenues over its first 20 years.

In addition, the project is expected to create more than 2,000 construction and related jobs during its development and support 2,800 or more jobs during its operation.