“The Pearl”, new $50 million development planned for downtown
FORT WAYNE, Ind. (Fort Wayne’s NBC) - A new, unique development downtown is in the works through a partnership between Surack Enterprise and The City of Fort Wayne.
At a press conference Monday, Chuck and Lisa Surack say they want to bring more development to the downtown area. They announced a project, known as “The Pearl”, that will rake in a $50 million investment. According to their plans, it will be a seven-story mixed-use building, with more than 35,000 square feet of ground-floor commercial and event space, 92 structured parking spaces for residents in the building, five “first of its kind” live/work units, and approximately 76 units on the upper floors.
Officials say “The Pearl” will sit just west of The Bradley hotel and south of Perfection Bakeries. Pearl, Webster, Main Streets, and Maiden Lane will be bound together.
“This project will be a great addition to our billion dollars of downtown investments in Fort Wayne and is another example of investment and growth acting as a catalyst for additional investment. The new building’s design and use will be a great compliment to surrounding businesses including The Bradley and The Landing, and we look forward to this new addition to our vibrant and growing downtown.”
According to officials, the Suracks will invest up to $7 million in improving the streets and public infrastructure surrounding the site.
Officials with the Fort Wayne Redevelopment Commission will consider an economic development agreement to partner with the developer to use the new tax increment generated by the project to reimburse for public improvements around the property. This includes replacing sidewalks, replacing water and sewer lines, reinstalling brick on Maiden and Webster, and repaving Pearl Street, likely using a decorative pavers.
In order for this to happen, officials say members of the Commission will also be asked to extend the Tax Increment Financing district to include the project site to reimburse the developer for the public infrastructure and streetscape improvements in areas surrounding it.
“This unique endeavor will be a space that everyone will be able to enjoy. We also recognize that high-performing public-private partnerships are positioning Fort Wayne as a regional and national leader in quality of place amenities where individuals, families, and businesses want to be.”
At this time, there is no date on when the project will start to take shape.
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