“The Pearl”, new development of 50 million dollars planned in the city center

FORT WAYNE, Ind. (Fort Wayne’s NBC) – A unique new downtown development is underway through a partnership between Surack Enterprise and the City of Fort Wayne.

At a press conference on Monday, Chuck and Lisa Surack said they wanted to bring more development to downtown. They announced a project, known as “The Pearl”, which will yield an investment of $50 million. According to their plans, it will be a seven-story mixed-use building, with over 35,000 square feet of commercial and event space on the ground floor, 92 structured parking spaces for building residents, five “first of its kind” live/work units, and approximately 76 units on upper floors.

Officials say “The Pearl” will be located just west of The Bradley hotel and south of Perfection Bakeries. Pearl, Webster, Main Streets and Maiden Lane will be interconnected.

“This project will be a great addition to our billions of dollars in investments in downtown Fort Wayne and is another example of investment and growth acting as a catalyst for additional investment. The design and use of the new building will be a great complement to surrounding businesses, including The Bradley and The Landing, and we look forward to this new addition to our vibrant and growing downtown.

Officials say the Suracks will invest up to $7 million in improving the streets and public infrastructure surrounding the site.

Fort Wayne Redevelopment Commission officials will consider an economic development agreement to partner with the developer to use the new tax increase generated by the project to pay for public improvements around the property. This includes replacing sidewalks, replacing water and sewer lines, reinstalling bricks on Maiden and Webster, and repaving Pearl Street, likely using decorative cobblestones.

For this to happen, officials say Commission members will also be asked to expand the tax increment funding district to include the project site to reimburse the developer for public infrastructure and streetscape improvements. in the surrounding areas.

“This unique business will be a space that everyone can enjoy. We also recognize that successful public-private partnerships position Fort Wayne as a regional and national leader in providing quality amenities where individuals, families and businesses want to be.

At this time, no date has been given for the start of the project.