The founders of Fort Wayne-based musical instrument retailer Sweetwater are leading the way for more mixed-use development in the city’s downtown. Chuck Surack and his wife Lisa are partnering with the city to build a $50 million, seven story building that will include 76 apartments, parking and ground floor commercial space.
The project, known as “The Pearl”, will be just west of the The Bradley, Fort Wayne’s new boutique hotel.
“We are excited to enter into a public-private partnership with Surack Enterprises to reimburse the developer for public improvements to city streets, sidewalks, and utilities,” said Jonathan Leist, Deputy Director of Community Redevelopment. “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 catalyst for additional investment. “
The city says Surack Enterprises will invest up to $7 million in improving the streets and public infrastructure surrounding the site.
The Fort Wayne Redevelopment Commission is considering an economic development agreement to a new tax increment financing district funds generated by the project to reimburse Surack for public improvements around the property, including replacing sidewalks, replacing water and sewer lines that are past their useful life.
The commission must also approved extending the TIF district to include the property.
“This project is a perfect example of how public and private development projects can work to benefit the entire community,” said the Suracks. “We are excited to see how The Pearl will continue to enhance the downtown experience for both residents and visitors.”
Surack Enterprises worked with Fort Wayne-based Design Collaborative on the design of the structure. Weigand Construction Co. in Fort Wayne is the general contractor.