The Allen County-Fort Wayne Capital Improvement Board has given its blessing to the revised plan laid out to redevelop the old General Electric campus on Broadway into Electric Works.
On Oct. 22 the board voted unanimously to commit $42 million to the $280 million project that will turn the old factory into a multi-use complex with schools, retail shops, restaurants, businesses and eventually, housing.
The proposed project came to a screeching halt Aug. 3 when the Redevelopment Board refused to grant a sixth extension for closing on the Economic Development Agreement.
After several tense weeks of uncertainty, while the city administration said talks were ongoing but refused to provide details on the plan, developer RTM Ventures and city officials announced on Oct. 6 that a new deal had been reached.
Local businessman Tim Ash, CEO of Ash Brokerage, has become an investor and general partner. Additionally, the Model Group has joined RTM Ventures as a co-developer for the project. The Model Group led the successful $34 million redevelopment of The Landing in downtown Fort Wayne.
Board member Don Steininger said the new arrangement inspires confidence, especially with the involvement of Ash.