FORT WAYNE, Ind. (WOWO): The developers of the massive Electric Works project at Fort Wayne’s former General Electric plant say they’ve reached a “critical” moment with efforts to secure investors and tenants.
In a letter posted to the project website, RTM Ventures is accusing what is called a “small group of people in positions of influence and power” of undermining efforts to move the mixed-use project forward, adding that it won’t get done if conditions don’t change.
The efforts of the unnamed group, according to RTM, has left investors and lenders, including large Wall Street capital sources, not “readily see(ing) the potential of Fort Wayne,” the letter continues.
The development group recently got a deadline to secure financial commitments for the project, the first phase of which will cost an estimated $220-million, pushed back to the end of November.
Find the developers’ full letter here.