City Seeking New Developer For Multi-Use Riverfront Property
The City of Fort Wayne announced it will be seeking a new developer for a $62 million mixed-use development being constructed directly east of the new Promenade Park.
Since December 2017, the project has been a public-private partnership with Continental Property Group, which promised to cover the entire cost upfront with the possibility of $20 million in reimbursements from the city down the line.
The city’s portion of the funding would have come from the 0.13 percent local income tax hike from July 2017, which had been earmarked for riverfront projects.
Now, it appears that development agreement is off.
In a statement Monday, the city says it “has met all the terms and conditions of the economic development agreement,” adding that Continental has been unable to do the same. No specifics were outlined in the statement as to which measures Continental could not meet.
The project itself, however, remains active; the redevelopment commission will meet with developers who previously expressed interest in it to find the “right partner.”