Will there be any accountability for Electric Works?

Hey Locals, 

It’s been a busy week of updates about Electric Works. But for us, one of the most interesting findings has been gaining more insight into the processes (or lack thereof) that ensure the region’s largest development delivers on its promises to the community.

For a quick refresher: 

• Electric Works received $65M in public funding in 2020, with the lion’s share ($45M) coming from the Allen County Fort Wayne Capital Improvement Board (CIB) – the largest allocation of supplemental food and beverage tax dollars in the CIB’s history.
• Union Street Market and its oversight body, the independent nonprofit Public Market Trust (PMT), played a significant role in the city’s 2020 contract with Electric Works, which allowed it to receive public funds. The CIB is responsible for appointing six members of the PMT’s 13-member board.
• On Thursday, the CIB met with representatives from Electric Works and the PMT to discuss board appointments and other significant developments on campus. The meeting turned out to be one of the CIB’s highest attended meetings yet, members said.

Conveniently, in the days before this meeting, Electric Works also dropped two big announcements:

• Vera Bradley will be moving its corporate offices to building 33 on campus later this year. 
• Four-Thirty Venue Group was hired* as a consulting firm to oversee events on campus. (Four-Thirty Venue Group grew out of Four-Thirty Events, which has partnered with other nearby venues, like The Fairfield.)

At the CIB Meeting, we heard presentations from Electric Works Developer Kevan Biggs of Biggs Group and RTM Ventures as well as Riley Johnson of AmpLab and the Public Market Trust.

We also gathered information from:

• Emails with the city’s Community Development Director Jonathan Leist and PIO Mary Tyndall
• County PIO Emily Almodovar
• City Council Members Geoff Paddock and Russ Jehl
• CIB President Jim Cook

So what did we learn about Electric Works and the Public Market Trust, what did the CIB do and ask, and who is responsible for holding Electric Works accountable for its promises to the community?

Here’s a quick summary.

1. What did we learn about Electric Works?

• Electric Works says it has reached 85% occupancy campus-wide and is beginning Phase 3 of its development. This includes Indiana Tech’s Junction 36, a hub for advanced manufacturing and HardTech innovation. At this point, the total investment in campus is upward of $450 million, Biggs says.
• The Elex’s affordable and market-rate apartment buildings have a total 35% occupancy so far. Biggs says things “could be going better,” but he’s “pleased with where we’re at,” and he attributed the vacancy to challenges with mixed-income housing. He says all but one of the tax credit affordable housing units are filled, and the vacancy is primarily on the market-rate side.
• The next focus for campus is “retail, dining, and entertainment,” Biggs says. This includes several announcements coming soon, as well as a renewed commitment to Union Street Market and “repositioning” its East Hall, which is largely vacant.
• The developers say they will hire a national candidate with food hall management expertise to take over Union Street Market within 30 days. They conducted a national search and have narrowed the pool to two candidates.