The Fort Wayne Redevelopment Commission approved an economic development agreement and a parking structure lease in connection with a new downtown project, the Ashberry, at a meeting Sept. 14.
The seven-story, mixed-use building will be on the southeast corner of Main Street and Maiden Lane. Anticipated cost of the project is more than $43 million.
The project includes 69,500 square feet of leasable commercial office/retail space. But more importantly, it “addresses an urgent need” for more public parking downtown, said Joe Giant, redevelopment manager for the city of Fort Wayne.
It will include 383 public parking spaces that are near three major downtown investments: The Bradley hotel, the 202 Metro Building and The Landing.
The building is being developed by Ashberry Eight LLC, which is affiliated with the development of recent projects including Ash Skyline Plaza and the 202 Metro Building.
Under terms of the agreement, the redevelopment commission will lease the garage and make payments of about $15 million over 20 years. The money for the payments will come from tax increment revenue generated by the Ashberry and the 202 Metro Building. That’s the increase in property tax revenues generated by the two projects over 20 years.
As part of the economic development agreement the developer will contribute $100,000 to the Public Art Commission.
City Council still must approve the lease. Construction could start late this year and be completed in two years.