FORT WAYNE, Ind. (WOWO): Fort Wayne’s Electric Works project has finally cleared one of its last remaining hurdles.
Kevan Biggs of developers RTM Ventures told the Fort Wayne City Council last night that the nearly $250-million mixed-use development at the former General Electric campus has secured a $62-million loan from Midland States Bank, helping them meet their financial goals by the June 30th deadline.
“After many delays, we’re very excited about this news that I can report to you tonight. This commitment will satisfy the conditions to close and meet obligations for the June 30th deadline,” Biggs said.
Biggs says 56% of the space at the sprawling campus has already been leased, with tenants including Fort Wayne Community Schools, Do It Best Corp., and Parkview Health. The project, which will feature retail, residential, and educational spaces, is expected to create around 1,500 jobs when completed.
The developers still must meet a September 30th closing deadline.