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Opportunity Zones

Leveraging Fort Wayne’s Opportunity Zones

The Tax Cuts and Jobs Act of 2017 established the Opportunity Zones (OZ) program, an economic development tool aimed at catalyzing new, long-term investments and development in economically challenged urban and rural communities across the country.

There are three types of eligible Opportunity Zone investments:

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Equity
Investing in a qualified business located within an Opportunity Zone, in exchange for stock.

Partnership
Taking a partnership interest in a Qualified Opportunity Zone partnership.

Property
Business property used within Qualified Opportunity Zones, meeting thresholds for substantial improvement.

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Fort Wayne’s Opportunity Zones

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Downtown Fort Wayne

The momentum started with a ballpark—the best of its kind in the country. In 2009, the community invested $55 million to build Parkview Field, a crown jewel that has consistently been ranked the #1 minor-league ballpark in the nation.

The investment rippled, attracting more than $300 million in private investment including corporate headquarters, shops, and restaurants. It spurred a renewed sense of community pride, and the momentum continues to grow with a world-class riverfront (Promenade Park, Phase I), a restoration of our original business district (The Landing), a thriving convention industry with two new downtown hotels, and more than 700 new housing units built downtown in the last six years. Investments in bold projects in downtown Fort Wayne have garnered attention from The Wall Street Journal, U.S. News & World Report, The Atlantic, Bloomberg, and HuffPost.

Downtown North

Anchored by the Wells Street corridor, the northern gateway into downtown Fort Wayne is pedestrian-friendly and home to a diverse mix of shops and restaurants. Family-friendly amenities are abundant and include Science Central, the Pufferbelly Trail, and the Fort Wayne Children’s Zoo. As part of the community’s visionary riverfront redevelopment, the Saint Mary’s River provides ample opportunities for recreation: rent a bike and hit the Rivergreenway, kayak the three rivers, walk the tree canopy trail, catch a ride on the Sweet Breeze canal boat, and more. Phases II and III of riverfront redevelopment, including the 30-acre North River property, present significant opportunities for private-sector investments.

Downtown South

Just south of downtown Fort Wayne includes the 46802 and 46807 zip codes, known locally as the ’02 and ’07 neighborhoods. These are front porch, historic neighborhoods within a short walk or bike ride to Lutheran Park or downtown. Three major commercial corridors—Broadway, Fairfield, and Calhoun—include many popular shops, restaurants, and small businesses, and they provide additional opportunities for redevelopment and mixed-use infill investments.

The City of Fort Wayne has invested in enhanced streetscapes and supported corridor redevelopment through business façade grants and programs like Summit City Match. Publicly owned, scattered residential
sites could accommodate additional new residential units within these south-side neighborhoods. Downtown South is also home to one of the largest redevelopment projects in the country; the 39-acre former General Electric campus was purchased by RTM Ventures for conversion into Electric Works, a mixed-use innovation district.

Purdue Fort Wayne

Coliseum Boulevard is one of the busiest and most visible commercial corridors in Fort Wayne, with an average daily traffic volume of 47,000 vehicles. This Opportunity Zone is home to branch campuses of Purdue University, Indiana University, and Ivy Tech Community College. Together, these schools enroll more than 25,000 college students. Phase III of Waterfield Campus Student Housing, serving Purdue Fort Wayne and Indiana University Fort Wayne, was completed in 2010. Private development followed, bringing additional restaurants and services around campus. Purdue Fort Wayne is planning for future growth on campus, including additional student housing in the near future.

Located adjacent to Purdue Fort Wayne, the Northeast Indiana Innovation Center (The NIIC) is a 55-acre State of Indiana Certified Technology Park. The NIIC provides entrepreneurial and innovation services and diverse office spaces to support and accelerate all stages of startup, emerging growth, and growing companies. Recognized by Entrepreneur Magazine as one of the top four “under the radar” business incubators, The NIIC currently hosts more than 40 companies on its campus. Some of these innovative, high-growth companies have secured outside angel and institutional investments. Examples include:

• TrustBearer, LLC, an identity and authentication company (sold to Verisign in 2010), raised approximately $1.5 million in capital.

• BioPoly, LLC and BioDuct, LLC, both orthobiologics companies associated with Schwartz Biomedical, have raised more than $19.3 million for the two entities to date. BioDuct, LLC was sold to Stryker Corporation in 2007.

• Allied Payment Network, actively operating as an online bill payment company with a suite of eight innovative financial products, has raised $12.3 million to date.

McMillen Park / South Anthony

McMillen Park, one the largest public parks in Fort Wayne, anchors this Opportunity Zone located in southeast Fort Wayne. Mostly residential in nature, commercial strips along the South Anthony Corridor provide opportunity for private development. The neighborhood is served by several parishes actively engaged in advancing community development. For example, St. Henry’s Catholic Church operates a large-scale urban farm and is exploring future uses for its elementary school.

Posterity Scholar House, Phase I of the master-planned Posterity Heights development, was recently completed and serves single parents enrolled in school. This effort is supported by Joshua’s Hand, a city-certified Community Housing and Development Organization (CHDO) and the Fort Wayne Housing Authority as a co-developer for future phases. Additional phases are planned:

• Phase II – Posterity Place will include the Housing Life Development and Innovation Resource Center. The center will provide supportive services designed to promote personal development, homeownership,
skill development, small business incubation, acceleration, and entrepreneurial opportunities.

• Phase III – Posterity Village will include affordable, lease-to-own homes in a mix of duplexes, cubes, brownstone, and cottage style one- and two-story single-family homes.

• Phase IV – Posterity Point will consist of 45 single-family, market-rate homes built with energy-efficient technologies.

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Key Investment Opportunities: Top Tier Sites

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  • North River
  • Headwaters Lot
  • Premier Riverfront
  • South Promenade
  • West Promenade
  • Wells Street Wedge
  • Jefferson / Ewing
  • Silver Lot
  • Electric Works
  • Posterity Heights

North River

  • Area: 29 acres
  • Ownership: City of Fort Wayne
  • Status: Vacant

This large site is referred to as the “doorway into downtown” and offers dynamic views of the skyline and Riverfront area. It is bounded by Harrison St. to the west, Clinton St. to the east, and the St. Marys River to the south. Redevelopment proposals could include development of the entire site or portions of the site.

Headwaters Lot

  • Area: 2.7 acres
  • Ownership: City of Fort Wayne
  • Status: Surface parking lot

This property is adjacent to the beautiful Headwaters Park, which hosts more than half a million people and 50+ festivals and events each year. Clinton Street, the primary corridor into downtown from the north, runs along the west side of this site.

Premier Riverfront

  • Area: 3.3 acres
  • Ownership: City of Fort Wayne
  • Status: Vacant; surface parking lot

This prominent site sits in the heart of the Riverfront District, across the street from the recently completed $25 million Promenade Park and adjacent to the St. Mary’s River and Headwaters Park. Development of this site will require the inclusion of a parking structure to support the development, as well as public parking for riverfront events and activities. The site has been remediated, and compensatory fill requirements for floodplain development have been met.

South Promenade

  • Area: 1.5 acres
  • Ownership: Allen County
  • Status: 2-story brick building/parking lot; tenant actively looking to relocate

Located at the southeast corner of Superior Street and Harrison Street, this property is surrounded by recent and planned development, including Promenade Park and The Landing. This property offers many opportunities in and of itself, and could be easily combined with properties to the west to create an even larger development site.

West Promenade

  • Area: 0.92 acres
  • Ownership: City option
  • Status: 2 & 3-story building/parking. Owner currently constructing new facility

This property is located along Superior Street, the “Main Street” of the Riverfront District. It sits across the street from the newly constructed Promenade Park, just one block from the St. Mary’s River and The Landing.

Wells Street Wedge

  • Area: 2.5 acres
  • Ownership: City of Fort Wayne
  • Status: Vacant except for small outbuildings

This site is oriented to capture stunning views of the riverfront and downtown. It features a long frontage along the river and sits at the south end of Wells Street, a bustling commercial corridor full of diverse eateries and shops.

Jefferson / Ewing

  • Area: 0.73 acres
  • Ownership: City of Fort Wayne
  • Status: Vacant

This corner site is located in downtown’s Entertainment District, adjacent to Parkview Field and across the street from the Grand Wayne Convention Center. More than 30,000 vehicles per day pass by this site on West Jefferson Boulevard.

Silver Lot

  • Area: 2.2 acres
  • Ownership: City of Fort Wayne
  • Status: Surface parking lot

This site currently serves as a surface parking lot for events held at Parkview Field and other venues in the Entertainment District.

Electric Works

  • Area: 39 acres
  • Ownership: RTM Ventures (private)
  • Status: Approved redevelopment plan and economic incentive package

This former General Electric factory consists of multiple buildings of various sizes comprising more than 1.2 million square feet of floor area. It will be transformed into a mixed-use innovation district containing residential, office, retail, educational, and community uses. Phase I of the project includes revitalization of the campus west of Broadway.

Posterity Heights

  • Area: 25.8 acres
  • Ownership: City of Fort Wayne; Joshua’s Hand (Private)
  • Status: Phase I (approx. 2.2 acres) complete; remaining area mostly vacant

This property offers an exciting mixed-use opportunity. Phase I is complete and features residences for single parents pursuing their education. Future phases will transform the area into an environmentally and economically sustainable mixed-use community. It is located near a number of strong residential neighborhoods.

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About Opportunity Zones

The Tax Cuts and Jobs Act of 2017 established the Opportunity Zones (OZ) program, an economic development tool aimed at catalyzing new, long term investments and development in economically challenged urban and rural communities across the country.

Opportunity Zones provide investors with a chance to infuse capital gains into projects within zones, in exchange for reducing or eliminating the taxes they would otherwise pay. Each state’s governor, utilizing multiple socio-economic data points and input from local communities, nominated and submitted census tracts to the U.S. Treasury for certification as Opportunity Zones. Once certified, they were then added to the tax code.

All investments must be made through a Qualified Opportunity Fund. To become a Qualified Opportunity Fund, an eligible corporation or partnership must self-certify by filing Form 8996, Qualified Opportunity Fund, with its federal income tax return. Investments can be made in business property, partnership interests, or equity/stock.

There are three tax incentives available by investing in Opportunity Zones through a Qualified Opportunity Fund:

  • Temporary Deferral: An investor can defer capital gains taxes until December 31, 2026 by rolling their gains directly over into a Qualified Opportunity Fund.
  • Tax Liability Reduction: Deferred capital gains tax liability is reduced by 10% if the investment in the Qualified Opportunity Fund is held for five years. It is reduced by an additional 5% if held for seven years. To receive the full 15%, investments must be made by December 31, 2019.
  • If the investment is held for at least 10 years, capital gains made through Qualified Opportunity Funds accrue tax-free

Source: U.S. Department of Treasury, Economic Innovation Group

City of Fort Wayne: Economic Development Finance Assistance

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Produced in partnership by:

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  • GFW Inc
  • City of Fort Wayne

Disclaimer: The City of Fort Wayne and Greater Fort Wayne Inc. developed this as a marketing tool to showcase completed projects and potential future development within Allen County, Indiana’s Opportunity Zones. This prospectus is meant to highlight what may occur in the future and its intent is not to endorse any specific opportunity.