Posted by the City of Fort Wayne at http://bit.ly/2iQi4fK on December 11, 2017
| Mayor Tom Henry was joined today by representatives of Continental Property Group to announce a proposal to bring a $61.7 million mixed-use development to the City of Fort Wayne’s riverfront.
The project would be located on 3.34 acres at the northeast corner of Harrison and Superior streets, directly east of the new Promenade Park, which is under construction and part of the Riverfront Fort Wayne initiative. The private development would be a seven-story mixed-use development with approximately 150 apartment homes and approximately 20,000 square feet of retail space, as well as a parking garage with more than 1,000 spaces.
“This is exactly the type of private investment we have been working to attract along the riverfront. Not only will the project bring more people to the riverfront, but it will also leverage private investment to assist in the construction of a much-needed parking garage,” said Mayor Henry. “This development is another example of the positive momentum we’re experiencing in Fort Wayne. This unique project further positions our community and region as a point of destination for economic development opportunities, job growth and quality of life amenities that are attractive to businesses, individuals and families.”
“We see Fort Wayne as an excellent place to invest,” said Traci Tomas, president of Continental Property Group. “We are excited to be part of the riverfront development and are looking forward to partnering with the City to create a one-of-a-kind, first-class project.”
Continental Property Group plans to build an amenity-rich project with active spaces to complement the riverfront and create community within the building. Each home will have excellent views of the St. Marys River or downtown Fort Wayne and the retail space will offer services for both the residents of the building and those visiting the parks and riverfront.
The Fort Wayne Redevelopment Commission will consider the proposal for the new riverfront development today at its 4 p.m. meeting in the Garden Level of Citizens Square, 200 E. Berry St. During the meeting, the development agreement will be discussed. The agreement calls for investing property taxes paid by Continental Property Group, as well as revenue from the parking garage, in to the development. On January 16, 2018, the Fort Wayne City Council will also consider a proposal to invest a portion of Local Income Tax and Community Economic Development Income tax over 25 years. The City will not have to borrow or bond for any costs of the parking garage or project.
Partners in the project include:
- The Allen County Commissioners, who own part of the parcel where the project will be located and will deed it to the Fort Wayne Redevelopment Commission,
- Greater Fort Wayne Inc.’s Downtown Trust, which acquired the portion of the parcel where the Smurfit building once sat,
- The Community Foundation of Greater Fort Wayne, which assisted with the costs of site preparation, and
- The City of Fort Wayne Parks & Recreation Department and the Fort Wayne Park Foundation, which have led efforts to bring the Riverfront Fort Wayne vision to reality.Continental Property Group is working with local firms Design Collaborative and Weigand Construction to design and build the project. Work on the riverfront mixed-use development could start as soon as this spring and be complete in the fall of 2019.
About Continental Property Group: Founded in 1979, Continental Property Group is one of Minnesota’s strongest and most consistently effective commercial developers. CPG serves all segments of the industry, including neighborhood retail, medical buildings, and office towers, industrial facilities and luxury multi-family rentals. Learn more at www.continentalpropertygroup.com.