September 9, 2024 - The revitalization of Fort Wayne’s downtown continues as Mayor Sharon Tucker today announced plans for The Landing Exchange, a $20 million housing development proposed on The Landing along the northeast corner of Harrison and Columbia streets, which is currently a surface parking lot.
Forty new housing units would be created with 20 percent of the units being considered affordable housing. The Model Group is the developer for the project, continuing its successful redevelopment of The Landing, and MKM Architecture + Design is a partner on the project. With housing continuing to be in demand, this initiative will put Fort Wayne in a better position to meet the housing needs in the community.
Later today, the Fort Wayne Redevelopment Commission will consider three resolutions for approval related to the project. The meeting begins at 4 p.m. in Room 030 at Citizens Square, 200 E. Berry St.
Commission meeting highlights:
*Approval of a resolution to amend the Riverfront I Columbia Street Redevelopment Project Area and Economic Development Area to reset the number of years that this parcel will collect tax increment funds (TIF). The new project is currently in the Riverfront I Columbia Street Economic Development and Allocation Areas, but the City of Fort Wayne Community Development Division will be asking to reset the lifespan on this parcel to be able to collect tax increment on the new project for the next 25 years.
*Approval of an economic development agreement for the proposed project
*Pledge TIF funds from this new project and previously uncommitted tax increment dollars from the other Model Group projects on The Landing to support an economic development bond for the project
At a later date, City Council will be asked to approve certain elements of the proposed project.
“Fort Wayne continues to raise the bar as we work with the private sector to bring needed housing options to the core of our city,” said Mayor Tucker. “I’m particularly encouraged that there will be several affordable housing units that will be offered. Having a trusted partner like The Model Group gives us confidence that this project will be a success.”
“The Landing continues to be a focal point in the redevelopment of our downtown and Riverfront, thanks in large part to our development partner, The Model Group,” said Jonathan Leist, Community Development Division Director. “This project will bring affordable housing units, create more residential opportunities and drive additional investment. We’re eager to bring the Landing Exchange to life and continue to build on the transformational success of the first two phases of redevelopment of the Landing, one of our city’s most beloved and historic spaces.”
“We look forward to once again collaborating with the City of Fort Wayne on this next phase of The Landing's redevelopment,” said Zach Woolard of Model Group. “We greatly value our partnership with the City and are proud to continue playing a role in the growth and revitalization of downtown. We look forward to advancing through the approval process with state and local entities so we can move forward with the Landing Exchange project in the near future.”
In addition, the City of Fort Wayne and Model Group will pursue state economic development funds to support the project. The only local property tax dollars that would be pledged to repayment of the proposed economic development bond are the new incremental property tax dollars created by the Model Group’s redevelopment of the Landing.
Pending all necessary approvals, work on the project could begin in early 2025 with completion in summer 2026.
The redevelopment of The Landing has played an integral part of downtown Fort Wayne’s success in recent years. The unique blend of housing, dining, retail, and entertainment offerings in a walkable setting that’s located near Promenade Park and several other points of destination is assisting in the City’s efforts to provide an enhanced quality of life for all residents.