By Lisa Esquivel Long
Fort Wayne Business Weekly
The Indiana Economic Development Corp. has approved READI funding for a Topeka housing project and repairs to the Fort Wayne arts campus.
A preschool program at Southern Wells Community Schools has also been approved.
Northeast Indiana Regional Development Authority held its regular meeting March 14 at the offices of Northeast Indiana Regional Partnership in Fort Wayne.
Representatives of Topeka had requested $3 million in Regional Economic Acceleration and Development Initiative funds in hopes of building a $28 million, 151-unit housing development. The Performing Arts sought $6 million for upgrades to the Arts United Center designed by world-renowned architect Louis Kahn and built in 1973. The building serves as an anchor of the Arts Campus and is home to the Fort Wayne Civic Theatre.
The total project, estimated at nearly $30.24 million, will address electrical systems and lighting, mechanical and air handling systems, roofing, masonry, windows, accessibility, efficiency and function, safety for employees and volunteers, security for patrons and performers, modern stage technology and historic preservation.
“I’m especially pleased to see that one go through as quickly as it did given the complexity of the projects,” Ryan Twiss, executive director of the authority told board members. “…It’s money that’s actually going out the door.”
A third project that’s been fully approved for Southern Wells Community Schools Preschool inside Southern Wells Junior/Senior High School. Southern Wells requested $59,400 for that project, which will require an additional teacher and aide, furniture for the children, technology for an additional classroom, a playground area at the high school, and safety measures installed for both the high school and preschoolers.
The authority is just waiting on some more details from the school district.
Twiss also updated the board on the $5 million request for the Lofts at Headwaters at Clinton and Superior streets. The project has been on hold after rising supply costs left developer Barrett and Stokely looking for more financing. Its original projected cost three years ago of $67 million has ballooned to $98.67 million. In recent months, the Allen County-Fort Wayne Capital Improvement Board approved another $3 million for the project, and the Fort Wayne Redevelopment Board added another $1.6 million.
The target to close on financing for the project is this week, Twiss said.
The nearly $98.67 million mixed-use project will feature a 6-story structure with 217 apartments, 15 townhomes, 12,000 square feet of retail space and a 651-space parking garage.
The authority has been charged with $50 million in READI funds for transformative projects in the Northeast Indiana region that deal with downtown revitalization, housing, workforce growth and entrepreneurship. It sends projects it has approved for final ratification by the IEDC.
The money must be used by the recipients by 2026.
The authority has been meeting with other groups in case the Indiana General Assembly in session now approves another round of funding as part of a READI 2.0, Twiss said.
———
This story was provided to the News-Banner by the Hoosier State Press Association’s Information Network.
