Extension Deadline Expires For The Harrison Square Housing Project

By Scott Sarvay

January 12, 2011 Updated Jan 12, 2011 at 6:33 PM EDT

FORT WAYNE, Ind. (Indiana’s NewsCenter) - Time's up for the developers of Harrison Square to show they're ready to start work on the retail - housing project downtown.

Last month, the Fort Wayne Redevelopment Commission gave Barry Real Estate a 2-week extension to get financing together for the project.

Greg Leatherman, Executive Director with the Fort Wayne Redevelopment Commission, says he is more optimistic today than he was two weeks ago when the extension was given.

Leatherman says, "As compared to two weeks ago I think I'm more optimistic because we now know the developer was able to have a lead bank join other banks that we talked about two weeks ago. This was a very important step for them."

This could bring the total number of banks ready to deal with the debt involved to four.

Currently, verbal commitments between Hardball Capital, Barry Real Estate, local banks and the Redevelopment Commission do exist, but papers have yet to be signed.

The meeting will be rescheduled for some time next week, but no specific date has been set.

The development was supposed to be built in 2009, and "new" plans call for featuring high-end "apartments" instead of condos.

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