The Ash Brokerage project – already the largest development project downtown in decades – is getting even bigger.
City officials and private developers announced today that the tower being built for Ash Brokerage will gain a story to accommodate future growth, increasing its footprint from 60,000 square-feet to 95,000 square-feet, and the city parking garage will gain a basement, enlarging it from 750 parking spaces to 1,200.
“A lot of people have put a lot of work into this project,” Mayor Tom Henry said.
Ash Brokerage plans a nine-story office tower where the company will move its 200 current employees and add 115 more. Also in the project is a tower of 100 town homes, apartments and condos planned by Hanning & Bean Enterprises. Both projects will sit on top of a city-owned parking garage, which will be surrounded by street-level retail.
When the project was announced in September, the project cost was estimated at $71 million, but officials announced today that the investment has grown to $98 million, with $59 million coming from private investment. The public investment has grown to $39 million, up from last fall’s estimate of $19.5 million.
Officials said most of the reason for the increased investment by the city of Fort Wayne will be the larger parking garage. Poor soil conditions and the relocation of a sewer line will also add to the city’s cost, which includes land acquisition, site preparation, streetscape improvements, utility upgrades, as well as other project enhancements.
Officials say city funding for the project will come from a special taxing district in the area, Legacy Fund money from the lease and sale of the city’s old electric utility, and the Capital Improvements Board, which is funded by a sales tax on food and beverages.
For more on this story see Friday’s print edition of The Journal Gazette or return to www.journalgazette.net after 3 a.m. Friday.