FORT WAYNE, Ind. (WANE) — Electric Works has received a federal agency approval that was an important step to seeing the rehabilitation of the old General Electric campus become realized.
The National Park Service, which administers the Federal Historic Preservation Tax Incentives program, has approved the redevelopment and rehabilitation plan for Electric Works’ West Campus.
Planner explained the approval was “key to unlocking federal historic tax credits, which are important to financing the $250 million first phase, which includes more than 700,000 square feet of adaptive reuse of 10 historic buildings for office, education, innovation, entertainment and retail uses.”
The Federal Historic Preservation Tax Incentives program provides a 20 percent federal income tax credit to developers of qualifying income producing properties. Developers expect to receive $34 million in private capital through the historic tax credit.
“Being approved for historic tax credits acknowledges the historical and architectural significance of the General Electric campus and it confirms that the developers are committed to good design and preservation practice as the site is redeveloped,” said Marsh Davis, president of Indiana Landmarks, the largest statewide preservation organization in the U.S. “We applaud RTM Ventures’ for its vision and persistence in bringing this massive project to fruition.”
Construction at the 39-acre Electric Works site is expected to begin “later this year,” developers said.