Two Week Extension: Harrison Square Apartments Instead Of Condos

By Megan Trent
By John W. Davis

December 28, 2010 Updated Dec 28, 2010 at 11:25 PM EDT

FORT WAYNE, Ind. (Indiana's NewsCenter) - A December 29th deadline is extended, giving developers of the Harrison Square Project in downtown Fort Wayne an extra two weeks to provide proof of financing.

"There's significant progress," said Fort Wayne Executive Director of Redevelopment Greg Leatherman.

"So much so that we believe another 14 days can get us some sort of agreement that can be signed and accepted by commission," explained Leatherman.

Officials had been firm in their promise not to grant Hardball Capital and Barry Real Estate an extension, but the holidays have put a kink in those plans.

Developers were originally given until December 29th to show proof of financing, but tonight the Fort Wayne Redevelopment Commission decided to give them 14 additional days to provide the necessary documentation.

City officials say it's actually good news that convinced the Commission to grant the extension. Property developers have reached an agreement to partner with a very well known local developer, which in turn has given more leverage to funding requests.

The identity of that partner has not been released yet, but we do know that three banks are now interested in getting involved with the project. A lead bank will be decided within the next two weeks.

The project is estimated to cost $18 million total. Developers are asking for around $9, although a local partnership could alter the amount being borrowed.

Two weeks extra time will also give developers a chance to have tenants sign leases. The concept behind the facility has changed, however, because banks are more likely to lend money for apartments than condos. It will still be four stories, but instead of high-end condos there will be underground parking, retailers on the first floor, offices on the second, and high-end apartments on the third and fourth.

The Redevelopment Commission will meet again on Wednesday, January 12th to see if all conditions have been met and re-evaluate the situation.

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