Fort Wayne Announces Developer For Downtown Housing Project
It’s been more than a year since Hanning and Bean removed itself from the residential development project in downtown Fort Wayne.
Since then, construction has continued on the site without a developer for the residential building, until Wednesday, when Mayor Tom Henry announced Great Lakes Capital, or GLC, will develop the residential component. It will be called “Skyline Tower.”
Brad Toothaker, the managing partner of GLC and CEO of Bradley Company, says the project will help the city attract and retain a young, educated workforce by providing downtown housing.
“Skyline Tower is truly a quintessential model for public-private partnership, with businesses and the community coming together to create project that truly moves the needle for the region as it elevates the landscape of Fort Wayne’s downtown,” Toothaker said.
A spokesman for the mayor says GLC was chosen because of its proposal to create a mixed-use building with retail, office and residential space. GLC and Bradley Company will relocate to Skyline Tower.
The entire three-part project will cost more than $100 million, with $40 million coming from GLC and $29 million from Ash Brokerage. The city spent $39 million acquiring land, preparing the site and building a parking garage.
Skyline Tower could receive Regional Cities initiative money, if approved by the Regional Development Authority. If approved by the city council, Fort Wayne will also provide a $4 million bond. Toothaker says the size of the project and the multiple layers of funding are what took so long to finalize the details.
He says they should start the residential construction this summer, and expects the project to take nearly two years.