FORT WAYNE, Ind. (WANE) — The Edsall House, a 203-unit low-income apartment complex on West Berry Street, will be renovated, according to information obtained by WANE 15.
The complex, sitting on prime downtown real estate on Berry and Main streets adjacent to the community center, is on the agenda for Thursday’s Fort Wayne Economic Development Commission.
Glick Apartment Holdings, part of the Gene B. Glick Co. headquartered in Indianapolis, will sink more than $25 million into the 112,000 square foot facility the company has owned since 1978 when it was transferred from the city’s redevelopment commission. The complex is assessed at about $5.6 million.
According to Jonathan Leist, deputy executive director of redevelopment, Glick is seeking an inducement resolution for economic development revenue bond financing i.e. project approval to take to the company’s bonding entity. It does not create any liability for the city, Leist said.
The same kind of approval is being sought by Do Good Foods, the company planning to open doors on a 150,000 square foot facility in the 8600 block of Aviation Drive near the Fort Wayne International Airport. The company, based in Bedminster, New Jersey, uses surplus grocery from stores and farmers markets i.e. food waste, to make livestock feed, according to a release from areadevelopment.com.
The project is expected to open early 2025 and create 100 jobs.
Do Good Foods is looking for $142 million in revenue bond financing, the agenda indicates, but again, is seeking commission approval only, not money. City Councilman Russ Jehl and Leist said the nod of approval from the city could translate into a lower interest rate.
“It’s a special form of bond financing, lowers the cost of financing, but the responsibility of repayment is on the private entity,” Jehl explained.
Leist described work at the Edsall House as a “rehab project” on both the exterior and interior with new kitchens, bathrooms and exterior lighting. The application mentioned additional renovation funds coming from Housing of Urban Devwlopment for low incoming housing tax credit, but no amount was indicated.
The Glick real estate company is “one of the largest privately held real estate ownership, development and management firms in the U.S. with more than 20,000 units in 13 states,” the Glock website states.
“The good news is we have several groups that are looking to investing money into the city of Fort Wayne and the city of Fort Wayne has the ability to help them secure the financing,” Jehl said.