FORT WAYNE, Ind. (WANE) – The GE Campus is one step closer to becoming “Electric Works.” A redevelopment team called RTM Ventures announced Monday it has completed an acquisition of the General Electric property for about $5.5 million.
RTM Ventures is a joint venture of the project’s three development partners – Baltimore-based Cross Street Partners, Indianapolis-based Greenstreet Ltd., and Decatur-based Biggs Development.
In May, the group unveiled its plans to invest $300 million to transform development into a mixed-use “innovation district. The historic campus sits on 39 acres, is comprised of 18 buildings and more than 1.2 million square feet of space.
The group will invest $220 million for phase 1 of the redevelopment project. The first phase is expected to begin in the coming weeks. The initial phase will focus on the west campus on the west side of Broadway Avenue.
- 224,000 square feet of office space
- 113,000 square feet of institutional / education space
- 83,000 square feet for retail / restaurants and a food hall
- 83,000 square feet of dedicated innovation space / facilities
- 82,000 square feet of residential space
“This is certainly an exciting and momentous day for our team, as well as for all of Fort Wayne and northeast Indiana,” said Josh Parker of Cross Street Partners. “We are now focused on working with the community in a public/private partnership to make Electric Works a mixed-use development built on innovation, energy and culture – and we are very grateful in particular to Mayor Tom Henry for his leadership and support, as well as to the City of Fort Wayne, Greater Fort Wayne Inc. and General Electric in getting us to this crucial next step.”
Also Monday, the Fort Wayne Historic Preservation Commission voted unanimously to add the campus to the National Register of Historic Places. RTM Venture filed an initial application seeking the designation, which would make it eligible for Federal Historic Tax Credits.
The petition will now advance to the state level and then the national level for consideration.