FORT WAYNE, Ind. (WANE) — Construction can now begin on the Electric Works project, after developers closed on the massive deal.
RTM Ventures, the project’s development team, on Tuesday announced it has closed on $286 million in project financing.
“Reaching this milestone took the collaboration, commitment and passion of many, many people,” said Josh Parker of RTM Ventures, the development team behind Electric Works. “We are grateful to our public and private sector partners for their continued support and belief in the potential of Fort Wayne and this project – and the profound positive impact it will have on the city, the region and the state. To the community, we are ready to make your vision of Electric Works a reality.”
Weigand Construction has already begun mobilizing for the massive redevelopment project. Construction is expected to begin soon.
More than 2,000 construction-related jobs will be created and supported by the project, developers said.
Electric Works was first announced more than three years ago with plans to transform the historic former GE campus into a thriving mixed-use development, with retail, commercial, residential and workspaces.
The 12-acre West Campus – the first phase of Electric Works – is expected to generate nearly $300 million in economic impact during construction and almost $400 million in annual economic impact when the campus opens in 2022. The West Campus will include more than 700,000 square feet of creative office, co-working, research, entertainment, and retail space as well as a food hall and public market, a STEAM high school, primary care clinic and pharmacy.
More than 60 percent of the West Campus is already pre-leased. Do it Best Corp. will move its global headquarters and serve as anchor. Other major tenants include Parkview Health, Fort Wayne Community Schools, Medical Informatics Engineering, Ruoff Mortgage, Fort Wayne Metals, IU Ventures, and Indiana Tech.
“Electric Works is a once-in-a-generation opportunity for our city and our region – it keeps us moving forward and continues the momentum of positive development that has been taking place in downtown for the past several years,” said Tim Ash, CEO of Fort Wayne-based Ash Brokerage and a partner in RTM Ventures. “2020 was a historically challenging year on many levels, and we are incredibly fortunate as a community to have a project of this scale and impact ready to go. It is an example of how Fort Wayne is going to be a ‘net winner’ in attracting and retaining talent and creating new jobs.”
Officials expect to invest more than $200 million in the project over the next 24 months.