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Electric Works moves forward with RTM Ventures, new agreement, new partners

RTM Ventures and Fort Wayne Mayor Tom Henry on Tuesday announced that a tentative agreement has been reached to move the Electric Works project forward.

Posted: Oct 6, 2020 3:47 PM
Updated: Oct 7, 2020 9:00 AM

FORT WAYNE, Ind. (WFFT) —  RTM Ventures and Fort Wayne Mayor Tom Henry announced on Tuesday that a new tentative agreement has been reached to move the Electric Works project forward.

The Model Group has joined RTM Ventures as a co-developer for the project and local businessman Tim Ash, CEO of Ash Brokerage, has become an investor and general partner, the city announced.

RTM Ventures and Fort Wayne Mayor Tom Henry on Tuesday, Oct. 6, 2020 announced that a tentative agreement has been reached to move the Electric Works project forward.

City of Fort Wayne: Electric Works Preview

“This is a once in a lifetime opportunity that keeps our City moving forward and continues the momentum of positive development that has been taking place in downtown for the past several years,” said Ash. “We know that 2020 has been a challenging year on many levels and getting Electric Works underway is an example of how Fort Wayne is going to be a “net winner” in attracting and retaining talent and creating new jobs. I am excited to work alongside of RTM, The Model Group and the City and I have all of the confidence in the world this project will be a success as our sole focus will be on producing a great outcome for the citizens of Fort Wayne.”

Project leaders say a new economic development agreement will "provide the framework for the public and private sectors to meet certain expectations in order to reach a closing to be followed by the start of construction."

When finalized, the agreement will need approval by the local governing bodies responsible for approving the Electric Works project.

Officials say they do not have an official timetable established yet to present to city and county councilmembers, but the city and RTM will "begin seeking the necessary approvals as soon as possible to complete a closing by year-end."

The Model Group is based in Cincinnati, Ohio and specializes in revitalizing urban neighborhoods and was instrumental in the redevelopment of Cincinnati’s historic Over-The-Rhine community.

The Model Group was apart of the $34 million redevelopment of The Landing in downtown Fort Wayne.

“Electric Works presents the rare opportunity to revitalize a vacant and blighted remnant of the past by leveraging the historic buildings to create a mixed-use innovation district that will impact the economy of northeast Indiana,” said Bobby Maly, CEO of Model Group. “We look forward to working with Mayor Henry and to again partner with principals of RTM Ventures in our shared mission to positively transform communities.”

Officials say the first phase of Electric Works is 12 acres and 730,000 square feet of office, innovation, education, healthcare, retail, and entertainment uses.

With over 60% pre-leasing, Electric Works is anchored by the corporate headquarters of Do it Best Corp with other major tenants including Parkview Health, Fort Wayne Community Schools, Indiana Tech, IU Ventures, Medical Informatics Engineering and Fort Wayne Metals.

The $280 million project includes commitments for over $215 million of private capital, federal and state tax credits.

Indiana Coronavirus Cases

Data is updated nightly.

Cases: 611039

Reported Deaths: 9716
CountyCasesDeaths
Marion844351336
Lake45508685
Allen32891552
Hamilton29546315
St. Joseph27449381
Elkhart24440345
Vanderburgh19513250
Tippecanoe18043140
Johnson15140295
Porter14865169
Hendricks14440248
Madison11009222
Vigo10769181
Clark10731144
Monroe9424113
Delaware9152134
LaPorte9103164
Howard8268144
Kosciusko808983
Warrick676599
Hancock6741104
Bartholomew6523100
Floyd6469110
Wayne6157162
Grant6011116
Dubois556980
Boone554668
Morgan545795
Henry509764
Marshall505384
Cass485264
Dearborn483245
Noble474059
Jackson426747
Shelby419581
Lawrence392980
Clinton374243
Gibson372559
Harrison350945
DeKalb348264
Montgomery346554
Knox335839
Miami323044
Steuben314545
Whitley309726
Wabash304551
Adams302136
Ripley300046
Putnam297850
Huntington293159
Jasper290534
White274143
Daviess271274
Jefferson264738
Decatur248983
Fayette247848
Greene241162
Posey240328
Wells236451
LaGrange229662
Scott225739
Clay223532
Randolph214948
Jennings199336
Sullivan192933
Spencer192422
Washington187523
Fountain184627
Starke175643
Jay168223
Owen166837
Fulton164230
Orange160835
Carroll159115
Rush155818
Perry155229
Vermillion149334
Franklin149033
Tipton133033
Parke13088
Pike118226
Blackford111422
Pulaski97337
Newton91721
Brown88235
Benton86910
Crawford8069
Martin74413
Warren6857
Switzerland6665
Union6287
Ohio4957
Unassigned0376

Ohio Coronavirus Cases

Data is updated nightly.

Cases: 864322

Reported Deaths: 10711
CountyCasesDeaths
Franklin101705707
Cuyahoga860661145
Hamilton64392448
Montgomery43309418
Summit35063761
Lucas31500625
Butler31128232
Stark25933435
Warren19746141
Lorain19165223
Mahoning17383338
Lake16178154
Clermont16057111
Delaware1445479
Licking13274137
Fairfield1287781
Trumbull12861316
Greene12114139
Medina11666168
Clark10995265
Wood10407158
Allen9945126
Portage9382109
Miami921073
Richland9186118
Marion7467113
Tuscarawas7410182
Columbiana7356124
Pickaway728450
Wayne7080171
Muskingum705241
Erie6188129
Hancock554390
Ross5532100
Scioto541664
Geauga513555
Darke471092
Lawrence457958
Ashtabula454673
Union454628
Sandusky438562
Mercer434489
Seneca431566
Huron430041
Auglaize423064
Shelby421922
Jefferson420569
Belmont417740
Washington391840
Athens38129
Putnam376275
Madison356529
Knox354422
Ashland347438
Fulton339343
Defiance332286
Crawford323874
Preble321437
Brown313921
Logan309132
Ottawa294943
Clinton290743
Williams279467
Highland276718
Jackson265345
Guernsey256326
Champaign252628
Fayette237330
Morrow23334
Perry232018
Holmes225674
Henry220149
Hardin214033
Coshocton205722
Van Wert202645
Gallia198826
Wyandot196151
Pike177417
Adams176915
Hocking172624
Carroll156216
Paulding144721
Noble120740
Meigs109024
Monroe101032
Harrison89421
Morgan83430
Vinton70813
Unassigned00
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