The city is the catalyst behind the Harrison Square project, in the area bounded by Jefferson Boulevard and Harrison, Brackenridge and Ewing streets. Hardball Capital, the owner of the Fort Wayne Wizards, will put up $5 million for the $30-million ballpark. Atlanta-based Barry Real Estate will construct 60 condos and 30,000 sf of retail for $14.5 million. Including the hotel, the remaining money will come from Community Revitalization Enhancement Districts and TIF Districts, and unrestricted funds, with no property taxes used.
The development is expected to be complete by 2009. City officials have pushed for the project as a way to boost Downtown, which has only seen $2 million in private investment in the past decade. The city is examining the possible reuse of the existing Memorial Stadium, the current home of the Wizards.
David Ong, president of Acquest, says that his company specializes in public-private partnerships. "We love these projects that have urban redevelopment in mind," Ong tells GlobeSt.com. "The intent is to create much more residential and pedestrian traffic. The downtown infrastructure is sound. There's been some flight to the suburbs, but all the government services are Downtown, they just need more pedestrians on the street.
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