Commission gives The Pearl its blessing
The Fort Wayne Redevelopment Commission gave final approval for The Pearl, a $50 million mixed-use, 7-story development underwritten by Chuck and Lisa Surack that will complement The Bradley, a classy boutique hotel at Main and Harrison streets that opened its doors last year. Demolition on existing buildings at the site is already underway.
Residents can expect to see the building that resembles architecture in Madrid with ground floor commercial and event space, residential and parking, and “live/work units” in 18 to 24 months.
The Pearl lands in Riverfront I, part of the downtown transformation along West Superior and Main streets, and is a TIF (Tax increment financing) project. By approving this development, the city can start collecting some taxes and making plans for infrastructure improvements such as streetscapes, replacement of old water lines, and street repairs, Jonathan Leist, deputy director of redevelopment, said.
“This is another great, exciting project, a mixed-use project,” Leist said. “It builds off the momentum we had seen with the boutique hotel right next to it. Some of the features that will be in this building really grew off of the needs of that boutique hotel. Some meeting spaces that they didn’t have will be incorporated into this building, some really exciting new live-work spaces that we haven’t really seen downtown yet, and also commercial spaces and apartments above, all wrapping parking that won’t be visible from the outside so it looks like one cohesive building.”
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