CityScape Flats, an early part of bringing additional housing to Fort Wayne’s downtown, has been sold.
The 163-unit complex at 1250 Ewing St., across from Parkview Field, sold in less than 30 days from its announced offering to closing to a “brand-new buyer,” according to Cushman & Wakefield of Indianapolis, the real estate services firm that handled the sale.
Construction began in fall 2015 on the $24.3 million complex, which includes apartments. The townhomes were sold individually earlier, leaving the 163 units.
“We had multiple offers,” said Hannah Ott, Cushman & Wakefield executive managing director.
None of the bidders were from Fort Wayne, but they all had Midwestern interests, such as properties in Indianapolis or elsewhere in Indiana, she said.
It showed the demand for urban residences with walkability that Indianapolis is used to seeing, Ott said.
City Council agreed to a first-of-its-kind property tax abatement for CityScape: unique because rather than phasing in the break over a decade, it will expire when annual property tax benefits accumulate to $3.5 million, or after a period of 10 years.
The city invested $6 million in tax increment financing money for costs that included providing the land to developer Domo Development Inc., preparing it for construction and contributing money to the garage. Completed in 2017, Cushman & Wakefield marketed CityScape with a 91% occupancy rate, ultra-luxe finishes like granite countertops and stainless-steel appliances and residents with an average household income of over $92,000 annually.
Where once residences downtown mostly consisted of Midtowne Crossing Condominiums, 112 W. Washington Blvd.; what is now called Three Rivers Luxury Apartments at Superior and Lafayette streets, and apartments above storefronts, the housing stock has risen to include refurbished buildings for Superior Lofts Apartments and Randall Lofts and high-priced luxury living space at 220 Metro on Berry Street and the Anthony Wayne Building Condos, some of which overlook the Allen County Courthouse.
Among the newest downtown apartments opened last spring on Columbia Street is The Landing, which is undergoing a $34 million redevelopment that created 70 apartments and 56,000 square feet of commercial and retail space in the historic block.