Developers Close On Electric Works Financing, Construction Can Begin
The development team behind the $286 million first phase of the massive Electric Works project officially announced the closing on its financial obligations Tuesday afternoon.
The official closing paves the way for construction to begin on a projected $200 million in business investment over the next two years.
This is the most critical moment of progress for the Electric Works project thus far; it was the endpoint of the original economic development agreement between the City of Fort Wayne and the developers.
The original EDA was signed in summer 2018, and was abruptly terminated by Fort Wayne’s redevelopment commission last August following five extensions to the original closing date. Following a month of discussions between the city, lead development team RTM Ventures and several new private funders agreed to a new EDA, which led to Tuesday’s official closing of the deal.
Construction is targeted to begin in the spring. A statement from Electric Works says the campus is likely to open in 2022.