FORT WAYNE, Ind. (Fort Wayne's NBC) -- Another multi-story building is slated for construction downtown, but the Ashberry Building project needs to clear one more governmental hurdle before groundbreaking.
The proposed $43 million high-rise on Main Street would include 65,000 square feet of retail and office space, as well as a parking garage.
"Each of those components is a demonstrated gap in what we can provide in downtown. And I think it's likely that the space will provide an opportunity for a headquarters of an office for a local company or something like that," Fort Wayne Community Development Director Nancy Townsend said.
While no public funds will be used, for the next 20 years, the city would manage and lease at market rates 383 parking spaces to ensure more public parking availability downtown.
Here's how that lease would work with the developer.
"The property tax payments that they make are what we will collect and put back in towards the lease payment. So it's the property tax payment that they're making that will come back to them, as opposed to parking revenue," Townsend said.
After receiving Redevelopment Commission approval Monday, City Council is expected to discuss the parking spaces lease agreement next month.
If Council approves that, construction could begin in December and should be complete two years later.