FORT WAYNE, Ind. (WOWO): The developers of Electric Works announced Tuesday that they have closed on $286 million in project financing.
Officials say the next step is investing more than $200 million over the next 24 months to redevelop the former General Electric campus.
The mixed-use development will create about 2,000 construction-related jobs according to Weigand Construction.
“Reaching this milestone took the collaboration, commitment and passion of many, many people,” said Josh Parker of RTM Ventures, the development team behind Electric Works. “We are grateful to our public and private sector partners for their continued support and belief in the potential of Fort Wayne and this project – and the profound positive impact it will have on the city, the region and the state. To the community, we are ready to make your vision of Electric Works a reality.”
The first phase of Electric Works will focus on the 12-acre west campus. It is expected to open in 2022 and will include more than 700,000 square feet of office, co-working, research, entertainment, retail, a food hall, public market, a STEAM high school, primary care clinic and a pharmacy.
It is expected to generate nearly $300 million in economic impact during construction and almost $400 million annually once it opens.
More than 60 percent of the west campus is already pre-leased, including the global headquarters for anchor tenant Do it Best Corp. Parkview Health, Fort Wayne Community Schools, Medical Informatics Engineering, Ruoff Mortgage, Fort Wayne Metals, IU Ventures and Indiana Tech also have pre-leased space.
