FORT WAYNE, Ind. (WANE) – A planned downtown building has cleared a required hurdle on its way to becoming a reality. Fort Wayne’s Redevelopment Commission approved a parking lease agreement and economic development agreement for Ashberry, an office building and parking facility.
If it clears all approvals, the $43.4 million project between Main and Berry Streets would feature a seven-story building on the north side and a five-story building on the south side made up of three levels of office space. A parking garage would connect the two ends.
In the agreement approved Monday, the city would lease 383 parking spaces in the garage for about 20 years, according to city Redevelopment Manager Joe Giant. Public parking is guaranteed to be available in the building for 50 years.
The parking lease would be paid through tax increment funds generated from the property and the neighboring 202 Metro building which is operated by the same group. The rest of the project would be funded by the private developer.
The parking lease and economic development agreement will have to be approved by City Council in order for the project to be developed as planned.