FORT WAYNE, Ind. (WOWO): A recent study has found there is demand for the hotly debated Eclectic Works project.
The independent study, commissioned by developers of the Electric Works project, was presented Thursday by Maryland-based real estate adviser RCLCO. It found there is demand for space on the West Campus of Electric Works and estimates that the current pricing levels are reasonable for the Fort Wayne market.
“For months, potential tenant companies have been seeking us out, specifically looking for the amenities proposed at Electric Works,” said John Urbahns, executive VP of economic development at Greater Fort Wayne Inc. “RCLCO’s market analysis confirms what we’ve been seeing firsthand—that there’s a demand for a project like this, and that Electric Works can be a transformational project for our entire region’s economy.”
When it comes to demand, the study showed a strong market in three main areas, residential space, retail space, and office space:
* 700 downtown apartment units.
* Up to 115,000 square feet of retail space.
* 650,000 square feet of downtown office space in the next five years, due to future growth.
According to the analysis, Electric Works can help satisfy those demands:
* Approximately 90-100 apartment units totaling 82,000 square feet on the West Campus.
* About 83,000 square feet of retail space including a food hall/public market on the West Campus.
*Office space on the West Campus (224,000 square feet, plus 83,000 square feet of innovation space)