Because We Could Always Use More Vacant Office Space
MAJOR SHAKEUP MAY BE IN WORKS FOR TROUBLED HARRISON SQUARE CONDO PROJECT
Link (INC)
“Fort Wayne city officials say they’ve now communicated to the developers out of Atlanta, Barry Real Estate and Hardball Capital, that the city would be willing to allow the space dedicated for residential living to be converted into office space.”
Offices could fill Harrison Square site
Link (WANE)
“In an effort to drum up sales, developer Barry Real Estate has tweaked the design: making the condos bigger, even eliminating a floor. But it hasn’t worked.
“The price point for that particular location has been higher than what it appears our market wants to pay,” Leatherman said.
So why not change the development to lower the price?
“That would conflict with the very nice baseball park and the parking deck and the park that’s there and the new hotel that’s being built,” Leatherman said.”
City open to adding offices to Harrison
Condo project morphs into multiuse building
Link (JG)
““We all still realize the best thing to happen is for more people to live downtown,” Leatherman said. “That doesn’t mean they necessarily have to live right at that spot.”
The project would still have to be of similar quality as Parkview Field and the Courtyard by Marriott that is under construction, Leatherman said, and it would have to support stores and restaurants that bring people downtown after normal business hours.
“What we want more than residential for that area are things that bring people downtown,” he said.”
LEGAL ACTION AGAINST HARRISON SQUARE DEVELOPERS WRONG MOVE: CITY REDEVELOPMENT DIRECTOR
Link (INC)
“Greg Leatherman/Ft. Wayne Redevelopment Director: ” Those things are still within our rights under the agreement, but at this point, we don’t believe that that’s the best way to successfully launch a project that will complement the hotel, the ballpark and the parking garage.”
The developers are required under their contract to make a minimum 14.5 million dollar investment, but Leatherman suggests that might be subject to some re-negotiation in an effort to encourage the project moving ahead.”
“TinCaps Campground” Urban camping is now!
Any ideas why this can’t have both or include apartments?
Turning this into office space would be a debacle. What percentage of the National City building is vacant? What percent of the One Summit Square Building is vacant. Just turn these condos into lofts, or apartments!! This should not be difficult!
This is really pathetic and an absurd job of the contract writers on behalf of the city. The contract should have contained provisions levying additional revenues from the stadium to the city for each day the condos were not built regardless of whether they had sold enough which followed a hockey stick progression to more levies granted until the 3rd party completed their obligations. Given the new office park now on I-69 and Jefferson and this – I’m sure we can completely destroy our already dismal office occupancy rates in this town. I hear some companies are breaking their existing leases and demanding $5 per square foot for office space since many are willing to go that low just to cover their costs.
The city better get the economic development people working hard on getting new businesses and jobs to fill all those vacancies.
I don’t understand why the design cannot become apartments.
Probably because apartments wouldn’t generate near as much $$ as the $300,000 condos. But neither would vacant office space!!
Our Redevelopment Department is becoming worried that the $5 million in Indiana State Tax credits will never be used by anyone, since they deeded them over to Barry Real Estate/Hardball Capital for this boondoggle. So, anything to enable using these – EVEN FOR SOMETHING UNNEEDED. Just like most everything any government entity is involved in that requires financial support, gets it from floating a bond issue, paying it back with tax revenues and then claim that the government is not in debt! This is miserable B.S.- and we keep sending them back to screw us some more!
I second Dave’s thoughts.
Downtown already has quite a bit of VACANT office space. If downtown FW is to make a go of it, then we need a healthy mix of retail, office, and people actually LIVING in the middle of downtown.
I do believe there is a need for loft-style, urban themed apts in downtown FW. Forking over a quarter of a mil for a condo downtown has proven to be not realistic. Midtowne appears to me to be doing well with a good portion of the condos’ owners currently renting them out. I would think a Harrison multi-use building with retail on the bottom and urban lofts on the next three flrs, would have a good chance of succeeding. It would also fit into a niche market, something current downtown apartment complexes don’t have.
If Barry can’t/won’t do it, then let’s entertain the thought of someone else stepping up to the plate.
Ridiculous that a lower price point is not okay “because of the nice baseball field, parking garage, and hotel” Yeah – that’s all going to be really nice, but it baffles me that they ever thought 250k condos would be okay when you can get something similar in Atlanta for less money in a more thriving area. Isn’t Hardball from Atlanta?
100-200k as a price point seems like it should have been doable, and my guess is they would have gone pretty fast. Why buy a 250k condo when you can get a nice house for far less in the Lakeside, Foster Park, or West-Central area?
Unfortunately is shows that the leadership of the city is dazzled by money and doesn’t think things through. Why not let another company develop the land for condos since Barry will never build anything there. I say sue Barry for the cost of the stadium to get the people’s money back.
Scott – That’s a good idea. Can someone let us know if any suit against Barry has to be brought by the city administration? Or could the common council initiate such a legal action? How about a citizen of Fort Wayne? Or a not-for-profit, single-purpose , Indiana corporation?