Today, the City of Fort Wayne and Barrett Realty Investments announced that a mixed-use project on the 2.28-acre site known as “The Wells Street Wedge” is planned.
News release from the City of Fort Wayne:
Mayor Tucker announces update to plans for $45 million mixed-use development at The Wells Street Wedge site
Fort Wayne, Indiana (October 14, 2024) – Today, Mayor Sharon Tucker, the Fort Wayne Community Development Division and Barrett Realty Investments announced that the Indianapolis-based developer will move forward with plans to construct a mixed-use project on the 2.28-acre site known as “The Wells Street Wedge.” This site is located northwest of Promenade Park, along the north side of the Saint Marys River, and is connected to the park by the old Wells Street Bridge.
The $45 million development will include 111 housing units and a public parking garage that offers 236 spaces. Additionally, there will be approximately 3,300 square feet of ground-floor retail space. The Wells Street Wedge will be the first major new private development on the north side of Riverfront.
Later today, the Fort Wayne Redevelopment Commission will consider multiple resolutions related to the project. The meeting begins at 4 p.m. in Room 030 at Citizens Square, 200 E Berry St.
Commission meeting highlights:
- Amend the West End tax increment financing (TIF) district to include the Wells Street Wedge development site.
- Approve an economic development agreement for the proposed project.
- Pledge TIF funds from the new project and anticipated future parking garage revenues towards an annual lease payment on the public parking garage.
At a later date, City Council will be asked for approval on certain elements of the proposed project.
“We’re constantly working to determine what’s next to help build Fort Wayne into a desirable and sustainable community that’s leading the way. The Wells Street Wedge development is a great example of our ongoing commitment to making Fort Wayne the very best,” said Mayor Tucker. “Our Riverfront is an area of focus for current and future investments. Barrett Realty Investments’ past success with The Riverfront at Promenade Park project gives us confidence that the Wells Street Wedge will be an excellent addition to the heart of our city.”
The project will bring Barrett Realty Investments total investment in Fort Wayne to over $230 million across three developments. The City has previously worked with Barrett & Stokely on notable mixed-use projects like The Riverfront at Promenade Park and The Lofts at Headwaters Park.
“This development not only adds more housing options and parking for Riverfront and the Wells Street corridor, but also gives us another chance as a city to invest in a public-private partnership. These kinds of partnerships have played a big role in making Fort Wayne the fastest-growing metro area in the Midwest,” said Jonathan Leist, Community Development Director. “We’re excited to continue working with Barrett Realty Investments as we build a vibrant and dynamic Riverfront district together.”
Pending necessary approvals, work on the project could begin in early 2025 with completion of the parking garage in 2026 and mixed-use building in summer 2027.
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