FILE: Jeff Kingsbury speaks during a meeting of local food entrepreneurs and culinary enthusiasts at Electric Works, the former GE campus.
An artist's rendering shows what the Electric Works project could look like after development.
Saturday, December 16, 2017 1:00 am
Campus plan gets OK for tax credit
$50 million toward phase 1 of GE site
SHERRY SLATER | The Journal Gazette
At a glance
Phase one of the Electric Works development includes renovation of the west campus divided into the following areas:
• 224,000 square feet of office space
• 113,000 square feet of institutional/education space
• 83,000 square feet of retail/restaurant space, including a food hall
• 83,000 square feet of dedicated innovation space
• 82,000 square feet of residential space
• 31,000 square feet of amenity/recreational space
Source: RTM Ventures
Critical funding has been approved for Electric Works, the redevelopment of the former General Electric campus.
The Indiana Economic Development Corp. on Thursday approved a tax credit of up to $50 million on phase one, which includes plans for residential, office, education and retail space. Its estimated cost is $213 million.
The tax credits were granted under a program that promotes reuse of abandoned industrial sites and is for $50 million or 25 percent of the total qualified investment – whichever is less, according to a news release issued Friday by RTM Ventures, the project's development group.
RTM Ventures is a joint venture created by Cross Street Partners, of Baltimore; Greenstreet Ltd., of Indianapolis; and Biggs Development, of Decatur.
The former GE campus comprises 39 acres, 18 buildings and more than 1.2 million square feet. Work at the west campus site is scheduled to begin next year. Phase one includes plans for 616,000 square feet of the total space.
Elaine Bedel, the IEDC's president, described Electric Works as a “bold vision” that will transform Fort Wayne.
“Quality of place is vital to economic development and will be a key catalyst to Indiana's continued growth,” she said in a statement. “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.”
In September, RTM Ventures paid GE $5.5 million for the property.
Between now and when the full, $220 million funding package closes in late spring or early summer, the developers will be busy removing hazardous materials from the campus and lining up tenants and additional funding.
Jeff Kingsbury, of RTM Ventures, thanked the IEDC and Gov. Eric Holcomb for the $50 million commitment in a statement Friday.
“Fort Wayne is creating a nationally recognized, vibrant regional economy,” he said, “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.”