Fort Wayne Resurges with $880M in CRE Development

Fort Wayne, IN–With more than $880 million in real estate developments and revitalization in the downtown area, Fort Wayne is in the midst of a commercial rejuvenation. New projects include The Riverfront, Electric Works and the Vera Bradley Hotel.

“We recognize that successful public-private partnerships are critical to advancing our community and region as a point of destination for job and business growth, strong neighborhoods, and attractive quality of amenities,” says Tom Henry, Mayor of the city. “This blend of public and private sectors coming together demonstrates a collective commitment to being part of one of the largest and most unique initiatives we’ve ever seen in Fort Wayne.”

The Riverfront

To help revitalize the area surrounding the convergence of Fort Wayne’s three rivers, a $100 million Riverfront revitalization project is underway to help the city’s rivers become a year-round destination in Northeast Indiana. With the increase in visitors, 10 hotels have recently been completed or are in the works, adding a total of 1,000 hotel rooms to the area.

The project’s first phase includes the construction of a $20 million public gathering space called Promenade Park which includes a pavilion, amphitheater, sculpture garden and playground. The space recently celebrated its grand opening. The second and third phases have been underway since November 2018 and focuses on private development, riverfront infrastructure and a master plan for the Riverfront neighborhood.

“We also plan to add more park-like features and additional private investment projects as we move into future phases of riverfront development. Across the street from the new Promenade Park is a $32 million private investment called The Landing that is restoring historic buildings with housing, retail, and offices. Mixed-use developments are experiencing popularity and success in Fort Wayne. Public gathering spaces are helping us connect residents and welcome visitors with innovative opportunities to enjoy,” explains Henry.

Electric Works

A $440 million development on the 30-acre abandoned General Electric campus, Electric Works encompasses 18 buildings that will be transformed into a 1.2 million sq. ft. mix-use district.

Scheduled to break ground in early 2020, the first phase will include a 72,000 sq. ft. Innovation District with the region’s largest employer, Parkview Health’s Mirro Center for Research and Innovation, as a tenant.

“Electric Works presents a huge opportunity to grow our business and talent attraction efforts in Fort Wayne and Northeast Indiana. Extensive evidence shows that bold mixed-use projects like Electric Works will have a substantial positive impact on businesses, talent and neighborhoods. The rewards for a community are transformative,” says John Sampson President and CEO, Northeast Indiana Regional Partnership.

Vera Bradley Hotel

In order to address the gap in upscale lodging options, a new boutique hotel has broken ground in downtown Fort Wayne. The $28 million hotel is being spearheaded by Barbara Bradley Baekgaard – the co-founder of the lifestyle brand Vera Bradley which she founded in Fort Wayne in 1982. The five-story, 125-room hotel will also include a ground-floor restaurant and retail space, a rooftop bar and community meeting spaces.

“Fort Wayne’s hospitality industry is booming. More and more organizations and guests are making Fort Wayne their point of destination for conventions and tourism opportunities. As a result, there is a demand for more hotel rooms in our revitalized downtown,” says Henry.