Friday, July 20, 2007

Ink Now Drying

Harrison Square Private Sector Partners Express Support and Commitment to Development
Link (City)

"Mayor Graham Richard today was joined by representatives from Hardball Capital/Barry Real Estate and White Lodging Services/Acquest Realty to announce that all definitive agreements for the Harrison Square development have been signed. The private sector partners also expressed their support for the Harrison Square project and its importance to the community and region."

“Hardball Capital and Barry Real Estate are pleased to be part of a unique downtown experience for Fort Wayne,” said Jason Freier, Chief Executive Officer for Hardball Capital. “We are committed to having a positive community presence with the Fort Wayne Wizards and new, innovative retail and housing options for residents and visitors to enjoy.”

Developers sign Harrison Square agreements

"[Deno] Yiankes along with Fort Wayne Mayor Graham Richard and others announced Friday the final agreements for Harrison Square were completed and signed. The Fort Wayne Redevelopment Commission will consider approving them Monday. Zoning changes for the project also are scheduled for consideration Monday by the Fort Wayne City Plan Commission. The City Council will consider approving the bond financing for the project Tuesday."

"In years 11 through 20, if the hotel is not seeing a 16 percent annual return, the city will continue paying $250,000 or the annual shortfall between the actual hotel cost and a 16 percent return each year, whichever is less.

If the return exceeds 16 percent, the city would receive 25 percent of the additional profit."

"Room rates are expected to range from $109 to $149 a night."

"Hardball Capital, the owner of the Fort Wayne Wizards and developer of the baseball stadium, retail and housing portions of Harrison Square, said there has been significant interest in stadium naming rights."

"Mayor Graham Richard said he still foresees construction to begin this fall, as scheduled, and reiterated his confidence in the developers to deliver the project as expected."