Ash Brokerage Project To Cost City $20 Million More Than Expected (VIDEO)

By Ian Hoover- 21Alive

May 8, 2014 Updated May 8, 2014 at 5:20 PM EDT

FORT WAYNE, Ind. (21Alive) -- The City of Fort Wayne released today, that the Ash Brokerage Project will cost the city $20 Million more than initially expected.

It was released that the total cost of the project will be $98 Million instead of the projected $59 Million and that the City of Fort Wayne will be responsible for $39 Million instead of the estimated $19.5 Million. The City is planning on using a combination of tax increment financing, Legacy funds, and support from the Capital Improvement Board to pay for their portion of the project.

It was also announced that the deal is moving forward with the signing of development agreements with Ash Brokerage and Hanning & Bean Enterpises, which allows the City to move forward with seeking fund approval.

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Ash's portion of the project has risen from $19 Million to $29 Million dollars, which will pay for their 95,000 square feet of office space to be built downtown. This an increase of 30,000 square feet from what was initially proposed.

Hanning & Bean Enterprises will invest $30 Million for the construction of a residential development that includes 77,000 square feet of apartment space, 10 to 14 condominiums, and six street-front townhouses. Also, there will be 23,800 square feet of retail space that will be co-developed by Hanning & Bean.

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