New Downtown Development Will Cost $20 Million More

Published 05/08 2014 10:28PM

Updated 05/09 2014 08:37AM

 Live, work, play, that's the idea behind the new Ash Brokerage, Hanning & Bean development coming to downtown Fort Wayne.

The project will transform downtown creating a one-of-kind facility outfitted with retail, commercial and residential space. 

“We need to do something bold, creative, imaginative   to really draw people to downtown,” said Mayor Tom Henry. 

When the project was announced back in 2013 it was expected that $59 million would be coming from private funding and almost $20 million from public funds, but the project has expanded since initial estimates. 

“The project is now going to be about 20 million dollars more than we had originally expected,” said Henry. 

The development will now cost roughly $40 millions in public funding. 

“It's going to be existing moneys that make themselves available through the food and beverage tax, through legacy money, though TIF money-- which is tax incremental financing,” said Henry. 

Fort Wayne City Council will hear a presentation about the needed funds on Tuesday.

“We are going to be asked to put in a lot of legacy money but I think this is a great investment,” said City Councilman Geoff Paddock, 5th district.

The project is expected to be completed in 2016. 

Copyright 2017 Nexstar Broadcasting, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.