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.

“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.