We’re very excited to be moving ahead with the Harrison Square development. City Council recently approved bond financing for the project, and the Fort Wayne Redevelopment Commission has approved the definitive agreements for the development, which are necessary for construction to begin. Harrison Square calls for a new ballpark, hotel, condos, retail, and parking garage.
We continue to make great progress as we move forward on a signature downtown development for our community and region. Harrison Square will assist us in retaining and gaining jobs and bringing new business opportunities to the area. Harrison Square demonstrates sound fiscal management and the commitment of respected private investors that want to be key partners in revitalizing downtown. An investment in downtown is a positive investment for our community’s future.
Summary highlights of the definitive agreement with Hardball Capital/Barry Real Estate and White Lodging/Acquest Realty are as follows:
*City of Fort Wayne retains Hardball Capital to manage the ballpark in a manner consistent with modern Class A and AA professional baseball stadium management standards and practices.
*City will construct the ballpark for an amount not to exceed $30 million with Hardball contributing $5 million toward the cost of the facility.
*City will participate in naming rights and ticket revenues with the proceeds going into a capital maintenance fund.
*Barry Real Estate will construct at a cost of not less than $14.5 million a condominium and retail development.
Barry Real Estate is a dynamic and multifaceted commercial real estate firm specializing in project development, marketing and management. Barry has an award-winning track record with an affinity for mixed-use projects in urban areas. Hardball Capital is an Atlanta-based company that invests in and operates baseball-related businesses. It is the owner of the Fort Wayne Wizards.
*White will build a minimum 250-room full-service Courtyard by Marriott with a signature restaurant, bar and coffee shop. Room service will be available during restaurant hours. An indoor pool and fitness center will be included.
*Cost estimate for the hotel is $35 million
*White will have an option to acquire additional land for hotel expansion
*City will work with White to provide connectivity from hotel to Grand Wayne Center
Hotel developers White Lodging and Acquest Realty are both leaders in the hospitality industry with specific expertise as premier developers, owners and operators of leading-brand hotels in multiple segments.
We anticipate construction to begin later in the fall with a grand opening in time for the Fort Wayne Wizards season opener in April 2009.