October 27, 2016 - The $40 million Skyline Tower project is the final piece of an overall downtown development initiative of nearly $110 million that features Ash Skyline Plaza, home to the national corporate headquarters of Ash Brokerage, along with retail office and commercial space and the Skyline Garage. The redevelopment of this previously blighted block is comparable to the investment in Parkview Field, the Harrison, the parking garage and the Courtyard by Marriott hotel.
The City of Fort Wayne Redevelopment Commission is contributing proceeds of a $4 million bond, paid through tax increment financing (TIF) to the Skyline Tower.
The City of Fort Wayne’s subsidiary organization, Fort Wayne New Markets Revitalization Fund, closed and financed a $17.5 million allocation of federal New Markets Tax Credits to support the new mixed-use Skyline Tower. This provided $5.9 million in equity to the project.
The Skyline Tower will rely on parking in the City’s new Skyline Garage, adjacent to the Tower. The City’s investment of $39 million for the Skyline Garage component includes the construction of the parking garage, land acquisition, site preparation, streetscape improvements, utility upgrades, as well as other project enhancements. Funding for the City's investment in the Skyline Garage component came from a combination of tax increment financing (TIF) funds through the Fort Wayne Redevelopment Commission, Legacy funds, CEDIT funds and support from the Allen County-Fort Wayne Capital Improvement Board (CIB).The project consists of 124 apartments, as well as retail and office space totaling 170,000 square feet. Retail, featuring a Ruth’s Chris Steakhouse, will be located on the first floor, while office space will occupy the second floor, and floors 3-12 will accommodate apartment units.
“Skyline Tower is a tremendous addition to the heart of our City,” said Mayor Tom Henry. “I continue to be encouraged by the progress we’re seeing throughout Fort Wayne. We’re strengthening our position as a point of destination where individuals, families, and business want to invest. By working together, we’re attracting and retaining jobs as a community moving in the right direction.”
It’s anticipated the retail and office spaces and upper five floors of apartments will be completed in the first quarter of 2018, with completion of the remaining residential portion in mid-summer of 2018.