FORT WAYNE, Ind. (WFFT)- The results are in for a study done on the Fort Wayne market for Electric Works, and developers said the $220 million first phase would succeed in the Summit City.
"Certainly, our development team, we are very pleased with the data that's being presented by RCLCO. It really does validate a lot of the initial assumptions we made more than a year ago," said Kevan Biggs, a developer working on the project.
The old GE campus buildings would include apartments rented out for between $875 and $2,000 per month, and office space valued at $25 per square foot. There's also room for restaurants and retail. The analysis done by RCLCO suggests Fort Wayne will have a huge demand for the project as more people move in.
We've heard opinions on both sides of the community, but Biggs said he hopes the results will sway anyone on the fence.
"If it does what they say it's going to do, then it'll be great for this whole area," said Barbara Black.
The Blacks have lived in the West Central neighborhood for 42 years. They're some of the residents who are hesitant about the project.
"I think it needs to have something done, but I'm not sure I'm for what they're doing," said Harold Black.
Deanna Wolfe said she's all for Electric Works.
"I love this neighborhood, and I think they should build it up a lot more, because the people around here are very nice," she said.
Biggs and other developers know a project like this doesn't come without risk.
"Will there be ups and downs in the economic cycles? Absolutely, but we really have built into the financial model and into our project," he said.
Now the only way to go is up, and continue working on securing funding.
"I feel pretty confident in the next 30 to 60 days that will all be clear and on the path to closing," Biggs said.
- Study shows Electric Works is in high demand in Fort Wayne
- Fort Wayne Metals commits to Electric Works
- Fort Wayne Public Market announces partnership with Electric Works
- Community Foundation of Greater Fort Wayne invests in Electric Works
- Electric Works talks continue
- Electric Works tours scheduled
- Boat Show returns to Fort Wayne
- "Savor Fort Wayne" begins
- Electric Works developers answer questions
- Residents optimistic about Electric Works