RTM Ventures, the team behind the massive Electric Works development project in Fort Wayne, has officially announced its anchor tenant.
New Haven-based Do It Best Corp., an independent home improvement and hardware company, signed a letter of intent to move to the Electric Works campus and expand its operation.
Do It Best president and CEO Dan Starr says the company has outgrown its current headquarters on Nelson Street, accounting for 440 staff members focused on areas of data analytics, advertising and more.
He says the move will allow them to grow that number by 20%.
“The needs for our team to serve our mission demanded that we look for opportunities to grow outside our current facility,” he said.
This meets the qualifications for an anchor tenant outlined in the Economic Development Agreement between Fort Wayne’s funding partners and RTM Ventures, which stipulates the company must either offer significant employment to individuals outside of the Northeast Indiana region, or expand opportunities within the region. An official release from Electric Works suggests Do It Best Corp. will seek to fulfill both goals, even though only one was required.
Do it Best Corp. is the largest privately held company in Indiana and will likely occupy almost 200,000 square feet of space on multiple floors on the West Campus. There is potential to add up to 20,000 square feet more if needed for expansion.