A project to convert a former Coca-Cola bottling plant in Fort Wayne has been scaled back a bit.
Development firm Miller-Valentine was planning on turning the facility on East Pontiac Street and nearby vacant lots into 31 apartments and 31 single-family homes, but now they’re planning for about 10 less homes.
The News-Sentinel reports that it’s due to construction costs that will be higher than expected, plus reduced revenues and tax credits due to an anticipated drop in the corporate income tax rate.
The firm says that there’s been an “intense” competition for contractors in Fort Wayne, likely due to other projects underway, hence the higher construction costs.
Ground is expected to break on the project this summer. The project received $1.2-million in tax credits from the state of Indiana last year.
