In a 4-1 vote Monday, the Fort Wayne Redevelopment Commission approved an economic development agreement and parking structure lease for a project on West Main Street downtown.
The $43.4 million project at 221 W. Main St., being developed by Ashberry Eight LLC, will include about 69,500 square feet of commercial and retail space and a parking garage with 383 spaces.
The site is owned by Ashberry Eight and sits in the Riverfront I-Columbia Street tax increment financing district.
The city will pay about $15 million in rent over 20 years for the parking garage. The payments will come from tax increment revenue generated by the development and the 202 Metro building.
The spaces will be leased for about $795,000 per year, Redevelopment Manager Joe Giant said. The developer will retain net parking revenue, he added, but is responsible for almost all costs related to the garage, including management expenses, maintenance, repair, replacement and real estate taxes.
“In addition, at the end of the lease, no fewer than 300 parking spaces will be available as public parking for 50 years,” Giant said. “So, this is public parking until 2090.”
Ashberry Eight is not asking for a tax abatement for the development and will contribute $100,000 to the city's Public Art Commission, Giant said. Other buildings associated with Ashberry Eight are the Ash Brokerage building at 888 Harrison St. and 202 Metro at 202 W. Berry St.
City Councilman Jason Arp was the only member of the Redevelopment Commission to vote against the economic development agreement and lease.