Work continues on Electric Works

Developers say they're almost to their initial goal of getting 250,000 square feet of space leased out by November 1st, which will make it easier for them to get financial contributions from investors.

Posted: Aug 29, 2019 4:36 PM
Updated: Aug 29, 2019 4:48 PM

FORT WAYNE, Ind. (WFFT) - Work continues on the GE campus just south of Fort Wayne, the eventual home of Electric Works.

5th District Councilman Geoff Paddock invited community leaders out for a tour of the facility.

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Despite no-one showing up, he still wanted to show the progress being made.

Paddock explained "While we're still not quite finished with the financial package and the closing is still a couple months away, I thought it was important to let folks know that environmental remediation work is being done. So, obviously that wouldn't be happening if this project was not going to be a go."

It's taken less money to do phase one of remediation, so developers hope they'll take the extra half a million saved and put it toward remediating more buildings. However, they need to go back for permission to do so,

Kevin Erb with Ferguson Advertising says fears the project was being torpedoed by some city officials, as expressed in a letter released earlier in the year, have gone down.

"The City has been incredibly flexible and supportive of making sure they're working with us, the county, and all of the organizations that have been involved in the capital stack, they want to see if move forward and they're excited about the project," Erb said.

The project is actually ahead of schedule in terms of getting committed tenants and leasing space.

The goal is to have 250,000 square feet of space leased by Nov. 1 and they already have between 200-225,000 leased to date.

Making it easier for developers to raise the additional funds for the project.

Erb explained "It's a bit of a chicken and egg type of situation where getting the capital stack lined-up and starting construction makes securing tenants easier, but we know getting tenants make getting the capital stack and construction loans secured makes that easier too. So, we're pushing forward on both tracks at the same time and we feel like we're making good progress."

Construction on the first building is set to begin in early 2020.

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