RTM Ventures is working to meet preliminary development goals on the Electric Works project before June 30, and received a financial boost in the form of a grant from the Community Foundation of Greater Fort Wayne.
The $500,000 grant mirrors previous awards from the Foundation to The Landing and Riverfront projects. President and CEO Brad Little called it “another opportunity to invest in the future of Fort Wayne and the region” in a news release Friday.
Josh Parker is the Lead Operating Partner of Cross Street Partners, one of the developers making up RTM Ventures. He says the Foundation’s commitment speaks to the community’s broader support.
“I think by making an investment in this project it demonstrates that what we believe to be the catalytic and transformational potential around the project is being recognized around the community.”
The first phase of Electric Works -- the “West Campus” -- is expected to cost $248 million and is funded as a public-private partnership. Ground is expected to be broken this summer if thresholds agreed upon by the City of Fort Wayne and RTM are met.
Parker says tenant requirements set for December 31 have been met.
Electric Works lies on 39 acres of land with more than 1.2 million square feet of space available for a variety of uses, including retail and residential living. The total project is expected to cost north of $440 million.
