FORT WAYNE, Ind. (WOWO): A $61.7-million mixed-use project for Fort Wayne’s Riverfront Development project seems to have hit a snag, as the City is now looking for a new developer.
The Continental Property Group was slated to build a project at the northeast corner of Harrison and Superior Streets, directly east of the new Promenade Park, that would include approximately 150 apartment homes and approximately 20,000 square feet of retail space, as well as a parking garage with more than 1,000 spaces.
But now the City says that agreement is out the window:
“The City has met all the terms and conditions of the economic development agreement but unfortunately CPG seems unable to meet their commitments,” said Nancy Townsend, executive director of the Fort Wayne Redevelopment Commission. “I have already heard from other developers who are interested in the site and I look forward to talking with them about creating a project that will be a great asset to our community.”
“It’s important to note that recent market studies show our downtown and riverfront have capacity for additional housing and commercial space,” continued Townsend. “We have great partners in developers like Great Lakes Capital, the Model Group, Provenance Hotels, White Lodging and RealAmerica who are making successful investments in our downtown.”
“Our residents deserve the best project possible and I am confident we will find a developer that has the capacity to make this prime riverfront site something we can all be proud of,” said Mayor Tom Henry.
Moving forward, the Redevelopment Department will meet with developers who previously expressed interest in the site and work toward finding the right partner for the project.