STAR Financial Bank will move its headquarters to the $43 million mixed-use Ashberry Eight development in downtown Fort Wayne, the company announced Wednesday.
The company will move more than 220 of its employees into the building at 215 W. Main St., which once complete will be named the STAR Bank Building.
The bank's corporate headquarters is currently 127 W. Berry St. STAR Bank leases space in that building, Director of Marketing Melissa Schenkel said, which will likely be available for another business once the new headquarters is complete in 2023.
“It's exciting to be part of Fort Wayne's downtown transformation, and we look forward to the day we can share our new corporate headquarters with our customers and the community,” Kristin Marcuccilli, chief operating officer for STAR Bank, said in a statement.
The project includes two new buildings, a seven-story, 50,000-square-foot tower on the property's north side, and a three-story 20,000-square-foot building to the south. The project will also have a 387-space public parking garage extending over the top of the third story.
The city of Fort Wayne will lease the parking garage for a total of $15 million over 20 years. Rent payments are expected to be generated by tax increment revenue generated by the project and the nearby 202 Metro Building. Ashberry Eight will keep revenue generated by the garage itself, but is responsible for all related costs, including management expenses, maintenance, repair, replacement and real estate taxes.
The lease was approved by the Fort Wayne Redevelopment Commission in September. The Fort Wayne City Council signed off on the lease the following month.
Once the lease runs its course, about 300 spaces will be available to the public for 50 years, Redevelopment Manager Joe Giant told the Redevelopment Commission in September.