An artist's rendering shows a street-level view of the planned new construction at 111 W. Columbia St. It will have 6,900 square feet of commercial space and 24 market-rate apartments. Image provided by MKM Architecture and Design
The Fort Wayne Redevelopment Commission approved an economic development agreement Monday with The Model Group for the redevelopment of The Landing.
Monday's approval was a necessary step toward finalizing the financial structure needed to close on the sale of the buildings on The Landing, which are currently owned by the Downtown Development Trust. The sale is expected to be complete by the end of the year. The agreement was approved with only one dissenting vote from City Councilman Jason Arp, R-4th.
“The mission of our company is to positively transform communities and we are thrilled to be a part of this project,” said Bobby Maly, COO of The Model Group. “Not just because we're transforming this block, but because of what this represents. We love to be a part of things that are not just a project itself but part of something much bigger.”
The Landing project consists of 72 apartment units and 60,000 square feet of commercial space across eight buildings. The commercial component will be split between retail and office space, Maly said.
The agreement, Maly said, includes a reimbursement component for a $2.5 million project tax increment financing district, as well. Last August, the Fort Wayne City Council approved a new TIF district that includes The Landing and the Superior Lofts development. Property tax revenue generated by a TIF district can be used for improvements within that district.
© 2024, www.journalgazette.net