Continental Property Group is proposing to build a $61.7 million mixed-use development on about 3.3 acres at the northeast corner of Harrison and Superior streets, on the city’s riverfront.
Continental and Mayor Tom Henry made the announcement at a press conference today. The Fort Wayne Redevelopment Commission will consider the proposal for the new development and the development agreement today at its 4 p.m. meeting. The agreement calls for investing property taxes paid by Continental, as well as revenue from the parking garage, in to the development.
On Jan. 16, the Fort Wayne City Council will also consider a proposal to invest a portion of local income tax and Community Economic Development Income Tax over 25 years, which would mean the city would not have to borrow or bond for any costs of the parking garage or project.
Directly east of Promenade Park, which is under construction and part of the Riverfront Fort Wayne initiative, the private development would be a seven-story mixed-use development with about 150 apartments and 20,000 square feet of retail space, as well as a parking garage with more than 1,000 spaces.