September 12, 2024 - The revitalization of Fort Wayne’s downtown continues as Mayor Sharon Tucker recently announced plans for The Landing Exchange, a $20 million housing development proposed on The Landing along the northeast corner of Harrison and Columbia streets, which is currently a surface parking lot.
Forty new housing units would be created with 20 percent of the units being considered affordable housing. The Model Group is the developer for the project, continuing its successful redevelopment of The Landing, and MKM Architecture + Design is a partner on the project. With housing continuing to be in demand, this initiative will put Fort Wayne in a better position to meet the housing needs in the community. Plans also call for commercial space that will complement the housing plans.
To date, the Fort Wayne Redevelopment Commission has approved three resolutions related to the project.
Highlights of the approvals:
*An amended Riverfront I Columbia Street Redevelopment Project Area and Economic Development Area to reset the number of years that this parcel will collect tax increment funds (TIF). The new project is currently in the Riverfront I Columbia Street Economic Development and Allocation Areas, but the City of Fort Wayne Community Development Division asked and received approval to reset the lifespan on this parcel to be able to collect tax increment on the new project for the next 25 years.
*An economic development agreement for the proposed project
*Pledged TIF funds from this new project and previously uncommitted tax increment dollars from the other Model Group projects on The Landing to support an economic development bond for the project
At a later date, City Council and other governing bodies will be asked to approve certain elements of the proposed project.
The City of Fort Wayne and Model Group will also pursue state economic development funds to support the project. The only local property tax dollars that would be pledged to repayment of the proposed economic development bond are the new incremental property tax dollars created by the Model Group’s redevelopment of the Landing.
Pending all necessary approvals, work on the project could begin in early 2025 with completion in summer 2026.
The redevelopment of The Landing has played an integral part of downtown Fort Wayne’s success in recent years. The unique blend of housing, dining, retail, and entertainment offerings in a walkable setting that’s located near Promenade Park and several other points of destination is assisting in the City’s efforts to provide an enhanced quality of life for all residents.
Fort Wayne continues to raise the bar as we work with the private sector to bring needed housing options to the core of our city. It’s particularly encouraging to see that there will be several affordable housing units that will be offered. Having a trusted partner like The Model Group provides confidence that this project will be a success.