Electric Works finds anchor tenant, needs deadline extension

Top Stories

FORT WAYNE, Ind. (WANE) — The future seems to be brighter for the highly discussed and anticipated Electric Works project.

Jeff Kingsbury, one of developer RTM’s partners, has confirmed to WANE 15 the project has found an anchor tenant that will allow the project to move forward. However, they will need a deadline extended to finalize details with the company and other tenants, Kingsbury added.

The deadline to secure funding and leasing commitments to keep the deal afloat is Feb. 1. Developers have a current closing deadline of April 30, 2020.

In a phone interview with WANE 15, Kingsbury said they would want the deadline for funding and leasing to be pushed back by 90 days to April 30, and the closing day by 60 days to June 30.

This anchor tenant will allow the project to claim $65 million in public funds from the city of Fort Wayne, which would be made back in tax revenue in 12 years.

Kingsbury did not provide a name for the latest company interested in filling space at the Electric Works project.

The plan for Electric Works is a 30-acre mixed-use retail, industry, institution and residential area at the site of the former General Electric campus on the southwest side of downtown Fort Wayne. Electric Works is expected to bring an annual economic impact of $387 million to Fort Wayne. It is also anticipated to bring nearly 2,000 construction jobs and 1,500 permanent positions.

Copyright 2020 Nexstar Broadcasting, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Trending Stories

Don't Miss