Jefferson Pointe owner to receive $3.5 million for internal road
The Fort Wayne Redevelopment Commission today approved two public infrastructure reimbursement agreements for projects at Jefferson Pointe and Sweetwater Sound.
Under the agreement with Red Development, the owner of Jefferson Pointe, the Redevelopment Commission will reimburse the firm up to $3.5 million to build an internal roadway through the shopping center. Adding that street is intended to help increase the number of tenants at the shopping center, Andy Boxberger, an attorney for Jefferson Pointe, said.
The shopping center is currently at 83% occupancy; the goal is 95%, Boxberger said.
“This plan is really essential and crucial to the sustainability and growth of this project that’s on one of our main corridors here in Fort Wayne,” Boxberger said. “At the time it was developed, it was really huge for the area, and we’d like it to stay that way and continue to get bigger and bigger.”
There are about $16 million worth of improvements planned for Jefferson Pointe, but the internal roadway is the most necessary to attract tenants. The reimbursement agreement also includes stormwater drainage improvements, Redevelopment Director Nancy Townsend said.
The Sweetwater Sound agreement relates to plans to extend a public water main across U.S. 30 to the Sweetwater property, helping serve the campus and surrounding area as growth occurs.