FT. WAYNE, IN—Many downtowns throughout the Midwest have started to undergo startling transformations, and Ash Brokerage, the largest independently-owned insurance brokerage agency in the nation, has just launched a $98 million mixed-use project that promises to do the same for Ft. Wayne. The firm will build an eight-story, 95,000-square-foot, $29 million headquarters building in the city's downtown by 2018. Ash will move its 200 employees to the new building and add another 115.
Also as part of the project, Hanning & Bean Enterprises will develop a $30 million, 17-story residential tower of 100 townhomes, apartments and condos. Both projects will sit on top of a city-owned 1,200-space parking garage, which will have retail at street-level.
The Allen County Fort Wayne Capital Improvement Board of Directors recently voted unanimously to increase its stake in the project from $6.5 million to $10.5 million; the increased amount will help cover the cost of a larger parking garage, which had been planned for only 750 spaces. In addition, the city originally expected to contribute about $19.5 million from various sources toward the project, but that has now grown to $39 million, plus $10.5 million in interest and debt costs.
“This partnership sends a strong message that we value downtown and we're committed to an excellent quality of life that will continue the unprecedented momentum in our community,” said Mayor Tom Henry.
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
