“The Harrison” Officially 14 Months From Completion, PLUS: Updated Rendering

With financing complete and construction under way, the clock has begun ticking toward what developers hope is the final deadline for construction of The Harrison.

Drew Welborn, spokesman for developers of the $18.5 million downtown project, said Tuesday the New Harrison team closed its financing for the project and the purchase of the land Friday.

This closing is the official start of the 14-month construction period outlined in the project’s development agreement with the Fort Wayne Redevelopment Commission.

The additional details come a day after Mayor Tom Henry announced that the developers had successfully sold their federal New Markets Tax Credits. Welborn said along with those credits, the team finished its financing with PNC Bank and selling state tax credits.

“In reality, the whole deal is closed,” he said.

According to the development agreement, the sale of the land and completion of financing for the project starts the 14-month deadline for construction. Welborn did not believe that schedule would be overly concerning. Crews have been working on the site for weeks.

“There’s nothing that’s going to hold it back. We have our money,” he said.

The city sold the land, just north of Parkview Field, for $675,000, according to the development agreement.

The developers will eventually have a ceremonial groundbreaking event, Welborn said, when marketing materials about the building’s apartments will be available. Additionally, he said more information about the building’s retail tenants will be made available at that time.

The developers have previously announced that 3Rivers Federal Credit Union and O’Reilly’s Irish Bar signed leases for first-floor space and the Carson Boxberger law firm will locate on the second floor. The top two floors will consist of apartments.

While he didn’t offer a specific date, he said a groundbreaking will take place soon, although he admitted it will be more ceremonial than practical.

Mark Hagerman, CEO of The Hagerman Group, is one of two main developers of the project, and his company is the general contractor for the project. Simon Dragan, president of Whitley Manufacturing Co., is the other partner.

Welborn, who works as Dragan’s attorney, said now that financing is complete, the developer will work to finalize terms for its tenants. He said it was a sign of the strength of Dragan and Hagerman to complete the project after it was hit by so many public delays and financing problems.

“The political issues aside, there was a lot of work that went into getting this done,” Welborn said. “I’m glad all the parties could work together and finish it.”

-Journal Gazette

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Categories: Entertainment, Harrison Square, Housing, Shopping & Dining

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