The City of Fort Wayne announced plans for a new development along the Saint Marys River on Monday.
The property is called the “Wells Street Wedge.” It’s off Wells Street northwest of Promenade Park and connected to the park by the old Wells Street Bridge.
At a press conference, officials said Indianapolis-based developer Barrett Realty Investments had planned to invest $45 million to build the new multipurpose property.
The new building will have 111 market rate housing units, a public parking garage with 236 spaces and about 3,300 square feet of ground-floor retail space, according to officials.
Mayor Sharon Tucker (D - Fort Wayne) said the riverfront development has been instrumental to Fort Wayne’s growth.
“Projects that you see coming along have absolutely been key to helping our community grow and to inviting other people into our community,” Tucker said.
This is the third project in which Barrett Realty Investments has invested in Fort Wayne, with the other two being the Riverfront at Promenade Park apartments and construction near Headwaters Park downtown.
Zach Barrett of Barrett Investments said the company keeps coming back because they believe the riverfront development will be a “linchpin for growth on the north side.”
Fort Wayne City Councilman Geoff Paddock (D: 5th) represents the district where the new development is planned. Though previously concerned that looming state property tax cuts would hurt city budgets in the future, he said it’s possible the Wells Street Wedge development could help balance out that loss of revenue.
The Fort Wayne Redevelopment Commission and the Fort Wayne City Council will need to approve the Wells Street Wedge project. Officials said construction could begin in 2025 and end in 2027.