Indiana Tech commits to lease space in Fort Wayne’s Electric Works project
Indiana Tech has signed a letter of intent to become the first announced tenant at Electric Works, the mixed-use innovation district being developed at the former General Electric site in downtown Fort Wayne.
Indiana Tech intends to lease 10,000 square feet of space in Building 19 on the west campus at Electric Works. Current design concepts for Building 19 envision a total rentable space of more than 230,000 square feet. The historic building opened as a factory in the fall of 1917.
Working with the Electric Works development team, the university is currently exploring options for the most appropriate use of its space within the project. Once these plans are further developed, the university would then enter into an official lease for space.
Dr. Karl Einolf, president of Indiana Tech, said in a statement that “Indiana Tech has long been a partner to our community in providing quality educational opportunities for students of all ages. As seen in the growth and improvements on our main campus, we also believe in doing our part to help our city become an even better place to live, learn and work. We’re excited about the possibilities created by the Electric Works project and look forward to continuing our work with the development team.”
“We are thrilled to enter into this collaboration with Indiana Tech,” Jeff Kingsbury of the Electric Works development team stated. “It’s through significant and cornerstone partnerships with entrepreneurial, future-focused and locally invested organizations like Indiana Tech that Electric Works will find its roots for growth and success.”
As The News-Sentinel first reported, Electric Works last week received a $50 million tax credit from the Indiana Economic Development Corp. The first phase is expected to cost about $213 million, and a recent economic impact study on Electric Works estimated the project to generate at least $219 million in state tax revenues over its first 20 years. In addition, the project is expected to create more than 2,000 construction and related jobs during its development and support 2,800-plus jobs during its operation. It’s also expected to generate nearly $400 million in annual economic impact once operational.
RTM Ventures is a joint venture of Baltimore-based Cross Street Partners, Indianapolis-based Greenstreet Ltd., and Decatur-based Biggs Development; the team purchased the property in September. The first phase of the project will focus on the west campus and will feature 224,000 square feet of office space; 113,000 square feet of institutional/education space; 83,000 square feet for retail/restaurants and a food hall; 83,000 square feet of dedicated innovation space/facilities; 82,000 square feet of residential space; and 31,000 square feet of amenity/recreational space.
Brian Engelhart, Indiana Tech’s vice president for marketing and communications, said no lease has yet been signed. “We are currently working with the developer on potential ideas for the space, which could be the home of a new program, or space for an existing, growing program, or potentially a partnership with an area company or organization. Once those details are firmed up, the associated costs and lease would be created for us to sign with Electric Works,” he stated.