FORT WAYNE, Ind. (Indiana's NewsCenter) - The 30-day extension for the Harrison Square project given to Barr Real Estate to secure $14.5 million ended yesterday. Now Hardball Capital will assume responsibility for the project. Hardball Capital will need to find a new real estate developer or try their hand again with Barry Real Estate to get financing to begin construction on the Harrison condominiums.
The Harrison Square project is a featured piece in the redevelopment of downtown Fort Wayne. Barry Real Estate first reached an agreement with the Fort Wayne Redevelopment Commission back in 2007. After more than three years and a rough economic climate, time ran out for Barry Real Estate.
Hardball Capital has 60 days to find that new developer or work with Barry Real Estate again. At the end of that two month period, beginning today, Hardball Capital could seek an additional 90 days, but at the cost of $5,000 per day. At the end of the two month period Hardball Capital could also wash their hands of the project and turn it back over to the City of Fort Wayne to let them find the developer needed to complete the project.
One member of the Redevelopment Commission today said he does not expect any groundbreaking on the condos to occur before the end of the 60-day period.
According to Larry Shine, Fort Wayne City Attorney and Counsel to the Redevelopment Commission, this project is hugely important for Hardball Capital because they own the baseball stadium that sits next door to the site.
Shine also says that the economic climate will determine whether something gets done on Harrison Square. He also says the real estate is so great, that he believes that this will get done. When it will get done though remains a mystery.
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