Skyline Tower First To Receive Regional Cities Funding
Northeast Indiana was awarded $42 million last December for its Road to One Million project, which aims to grow the region’s population to one million by 2031.
On Tuesday, officials announced that the Skyline Tower development in downtown Fort Wayne is the first project to receive funding approval.
The Northeast Indiana Regional Development Authority announced that $2.8 million from that funding will be allocated to Skyline Tower - a twelve-story dining, office and living space development in downtown Fort Wayne.
Mayor Tom Henry says developments like Skyline Tower are attracting more businesses, and jobs, to the region. He says the outreach from developers continues to surprise him.
“Not too many people say that today in too many cities, because we still have somewhat of a volatile economic environment nationally,” said Henry. “But Fort Wayne continues to move forward and I think that speaks volumes for our community.”
David Arnold is the director of Great Lakes Capital, which is the developer of Skyline Tower. He says the future of the project rested heavily on the distribution of Regional Cities money.
“Every component of our capital structure is critical,” Arnold said. “Without any single piece, it would not have happened. So we can legitimately say this wouldn’t have happened without the Regional Cities funding.”
Arnold says he hopes to break ground on the Skyline Tower project this summer, and hopes for the entire project to be completed within the next year and a half.