MIDDLE MARKET HIGHLIGHTS, JUNE 2005

FORT WAYNE
Karen Stone, CCIM

Retail is hot on the south side of Fort Wayne. For example, a new, big box retail development is beginning to emerge on the 115-acre site that used to be home to Southtown Mall. The Southtown Centre project will be anchored by Menard’s and a Super Wal-Mart. Menard’s will break ground on its 186,000-square-foot store this summer with a store opening scheduled for spring 2006. Wal-Mart is scheduled to break ground on a 200,000-square-foot store sometime next year. Star Bank has announced it will build a branch on one of the 10 available out lots.

“We are hoping the impact of the development will be substantial in that it will encourage additional development in an area that has gone through a long period of decline,” according to Barry Sturges, partner in Southtown Centre, LLC, the owner of the site. “We hope Southtown Centre will ultimately bring other retail and residential development to the southside business district.”

“The Southside has taken more than its fair share of hits. Death of a mall is particularly hard on the psyche of the area,” says Greg Leatherman, deputy director of development for the city of Fort Wayne. “In this case, the area died as a regional shopping area. This project will change the whole investment playing field in the southside market. The area was always a great place to shop. It just needed to be redeveloped to serve the needs of the surrounding communities.”

The industrial sector also is seeing activity. General Motors, a long time pillar of the manufacturing segment of the economy, announced earlier this year it plans to invest $175 million to expand the production capabilities of its Allen County pick-up truck plant, located just outside of Fort Wayne. The plant builds the Chevrolet Silverado and the GMC Sierra. GM plans to invest in new equipment, adding about 200 new jobs to Allen County.

 “This plant always places in the top ranks for quality and efficiency and has been a main contributor to the area’s economy for the past 20 years,” says Ron Sheets, director of the Fort Wayne-Allen County Economic Development Alliance. ”We are delighted they have decided to strengthen their presence in Allen County.” 

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