Tax credit approved for Electric Works project

Photo Supplied/IEDC

FORT WAYNE, Ind. (WOWO): The Indiana Economic Development Corp. (IEDC) approved a redevelopment tax credit for the Electric Works project.

The IDEC’s Industrial Recovery Tax Credit, or DINO credits, is used to help redevelop former industrial facilities. The conditional tax credit is approved for the lesser of $50 million or 25 percent of the total qualified investment.

RELATED: Fort Wayne GE Campus development named “Electric Works”

Electric Works, a mixed-use development on the site of the former General Electric campus, will feature office, retail, residential, hotel and entertainment spaces. The campus includes 1.2 million square feet of space among 18 buildings and 39 acres.

Construction on phase one is set to begin in early 2018 with a focus on the west campus and will have an initial investment of more than $213 million. RTM Ventures, a joint venture of Cross Street Partners in Baltimore, Indianapolis-based Greenstreet Ltd., and Decatur-based Biggs Development are all partnering together on the project.

 

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