FORT WAYNE, Ind. (AP) - Fort Wayne officials are reviewing the future of a major downtown project after a developer backed out of plans for building a 17-story residential tower.
The $30 tower with 100 townhomes, apartments and condominiums was to be built atop a 1,200-space parking garage that the city is building. The project plans also include a nine-story corporate headquarters for Ash Brokerage.
Hanning & Bean Enterprises vice president Bill Bean said Thursday the company faced financial uncertainties since the city couldn’t guarantee having the site ready for it to start work by next March.
City attorney Tim Haffner says officials hope to select another developer by the end of this year.
The city is contributing $39 million toward the project, paying for the parking garage, land acquisition and site improvements.
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