I’m encouraged by the beginning of construction on the $40 million Skyline Tower project in downtown Fort Wayne. The mixed-use development, led by Great Lakes Capital, a real estate private equity firm with offices in Fort Wayne and South Bend, features apartments and office and retail space along Wayne and Webster streets in downtown.
The project consists of 124 apartments, as well as retail and office space totaling 170,000 square feet. Retail, featuring a Ruth’s Chris Steakhouse, will be located on the first floor, while office space will occupy the second floor, and floors 3-12 will accommodate apartment units.
The Fort Wayne Redevelopment Commission’s portion of the project is $4 million paid through tax increment financing (TIF). The Skyline Garage with 1,077 parking spaces, which is owned and operated by the Commission, will provide parking for the retail, commercial, and residential spaces. The City of Fort Wayne’s New Markets Revitalization Fund played a significant role in the development by pledging New Markets Tax Credits.
A project of this magnitude needs many partners and the State of Indiana has stepped up to help make Skyline Tower a reality. The Indiana Economic Development Corporation (IEDC) and the Northeast Indiana Regional Development Authority (RDA) are providing Regional Cities funds. Community Revitalization Enhancement Credits (CReED) are also part of the financing.
It’s anticipated the retail and office spaces and upper five floors of apartments will be completed in the first quarter of 2018, with completion of the remaining residential portion in mid-summer of 2018.
Skyline Tower is the final piece of an overall downtown development initiative of nearly $110 million that features Ash Skyline Plaza, home to the national corporate headquarters of Ash Brokerage, along with retail office and commercial space and the Skyline Garage.
Skyline Tower is a tremendous addition to the heart of our City. I continue to be encouraged by the progress we’re seeing throughout Fort Wayne. We’re strengthening our position as a point of destination where individuals, families, and business want to invest. By working together, we’re attracting and retaining jobs as a community moving in the right direction.