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Quick Facts

Project Name
The Harrison
CDE
Fort Wayne New Markets Revitalization Fund
  (FWNMRF)
Total Development Cost
$18,506,850
FWNMRF Allocation
$15,000,000
Location
301 West Jefferson Blvd.
Fort Wayne, IN
NMTC Consultant
taxadvantagegroup, llc
QALICB
New Harrison, LLC
Leveraged Lender
PNC Bank, N.A.
NMTC Investor
PNC New Markets Investment Partners, LLC
Permanent Jobs
75 Direct
Construction Jobs
125 Direct
Low-Income Community
Poverty Rate 29.4%
MFI 72.4%
Unemployment Rate 21.1%
Unemployment Ratio 3.64x
Financing Complete
January 2012

The Harrison


Fort Wayne, IN

THE PROJECT

The Harrison occupies a strategic location on the southeast corner of Jefferson Boulevard and Ewing Street, commanding a singular vista of Parkview Field. Spanning four stories The Harrison offers a unique, mixed-use setting for living, working and playing in the heart of the city. The first floor puts the action at street level with options for retail shops and commercial ventures. The second floor encompasses a distinctive, professional office environment. Floors three and four are rental residential units. Together, the project comprises nearly 100,000 square feet of leasable space.

Initial commercial tenants include Carson Boxberger, LLP, a longstanding downtown law firm; O’Reilly’s Irish Bar; and 3Rivers Credit Union, a regional financial-services provider. “As one of the first local businesses to embrace The Harrison, 3Rivers is excited and energized as yet another milestone is reached, bringing this landmark facility closer to completion.”

The mixed-use building is the final piece of Harrison Square, Fort Wayne’s signature downtown development that began in 2006. As a major economic activity generator for the entire region, the $125+ million public/private initiative is composed of the record-setting Parkview Field, home of the popular TinCaps major league baseball team; a hospitality-sector boosting Courtyard by Marriott hotel; a convenient 900-space parking garage; and the scenic Robert E. Meyers Park. The vision for Harrison Square was a result of planning, community dialogue and recommendations through the Downtown Blueprint (2002), Downtown BlueprintPlus (2005) and BaseballPlus (2006) processes.

THE FINANCING

This catalytic project was supposed to open to the public in summer 2009; however, difficulties securing bank financing due to the financial crisis caused the developers to struggle. In 2011 the city continued forward with preliminary site-preparation work for The Harrison, part of its responsibility under the development agreement to make the setting “build-ready.” At a cost of about $80,000, the requirement included removing debris and unsuitable soil from the project site. With total project costs over $18.5 million, in January 2012 the CDE provided $15 million of NMTC Allocation to fill the funding gap and allow the project to move forward. Additional sources of capital included senior debt provided by PNC Bank and Community Revitalization Enhancement District (CReED) tax credit equity provided by U.S. Bank.

“The Harrison has reached new heights. Together, we are realizing our vision for a vibrant downtown, a catalyst for making Fort Wayne and northeast Indiana more attractive to the good jobs, talented workers and business investment that we need
to thrive.”

– Mayor Tom Henry

taxadvantagegroup (tag) is one of the country’s most successful consulting firms specializing in New Markets Tax Credits, a powerful financing tool for community development projects in the United States.

Since 2004 tag has helped revitalize low-income communities across the U.S. by securing low-cost, flexible financing for high impact projects and providing a full suite of NMTC management services.

For more information contact:

Tammy C. Propst | 864.271.2737 | tpropst@taxadvantagegroup.com