By DERRICK GINGERY, Greater Fort Wayne Business Weekly
derrickg@fwbusiness.com
The proposed "north river" redevelopment project comes at a time when the Fort Wayne area already is saturated with shopping destinations.
Proposals show a mixed-use project just north of downtown Fort Wayne with retail and housing in a setting similar to a lifestyle shopping center. A regional attraction, such as a water park, is suggested as an anchor.
Architect Gianni Longo, who helped the city design the concept, said the site just north of downtown could become a shopping destination similar to Jefferson Pointe.
Mike Dahm, senior broker at Fort Wayne commercial real estate firm NAI Harding Dahm, said most of the ideas show promise, but another lifestyle center in Fort Wayne is unlikely.
"We're overbuilt in retail right now," Dahm said. "I think the water-park idea probably has some merit. The residential type has some merit. I just think the retail is a small segment of it."
The city has an option that expires Dec. 31 to purchase the 29-acre OmniSource property just north of downtown for $4.3 million. City planners think the site could be another catalyst for downtown redevelopment.
The conceptual plan is anchored on the north by an unspecified regional attraction that would be surrounded by retail space and townhouses. If developers could not find a regional attraction for the site, that portion also could become retail space.
South of the regional attraction would be mixed-use development, including retail stores with apartments above them. At the southern end of the development, near the St. Marys River, the proposal calls for a five- to six-story apartment building, open space and a river landing to take advantage of the views of the river and city skyline.
Steve Zacher, president of The Zacher Co., said he expected retail options at the site to complement the regional attraction and possibly the residential portions. It could include a coffee shop, pharmacy, dry cleaners or a small grocery store.
"I just don't think the family gets in the van and drives to (the north river development) and buys school clothes," said Zacher, who is principal broker at the commercial real estate company. "You'd have to drive by all those other (shopping) places to get to this destination."
A task force studying ideas for the north river property already has decided to recommend the city purchase the land. A final report for the project is expected in September.
Fort Wayne Community Development Director John Urbahns said the selection of a developer for the site would dictate a lot of what is built there. Ideally, one developer would be willing to take over the entire site, he said, but it also could be developed piecemeal.
So far, inquiries about site have been in general terms.
"Overall, it's been in generalities because they know we're going through this (task-force) process," Urbahns said.
Urbahns also said there has been no research done about the viability of retail at the site.
"I think (Longo's) notion is if you build a place like that, people will want to be a part of it," Urbahns said. "We haven't done a retail study to see if it could support (a lifestyle center)."
A restaurant that is tied specifically to the regional attraction, like a sports bar next to the baseball stadium at Harrison Square, likely would succeed, Zacher said. The north river area probably would need a big draw to bring the other amenities, he said.
Theoretically, the residential component would thrive on the views of the river and skyline.
"What is different about it from what you have now?" Zacher said. "There are options already to live downtown, and you can't claim those have flourished. People always like new (things)."
The city's North River Task Force is scheduled to meet again Aug. 23 to review its final recommendations.