Fort Wayne Redevelopment Commission was busy on Monday.

The 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.”

The Fort Wayne Redevelopment Commission gave the final approval for The Pearl, a $50 million mixed-use building next to The Bradley hotel on Main Street. One feature is the live-work spaces that will be available.

But if other purchase agreements are approved, they will bring jobs and improvement to Fort Wayne.

The biggest news of the meeting was the $768,000 sale of 76.8 acres at the corner of Adams Center and Paulding roads to exurban, an international metals recycling company that plans to sink $300 million into building a facility in Southeast Fort Wayne. In 18 to 24 months about a year, Fort Wayne will see 200 more jobs come to this area paying between $50,000 and $70,000 a year.

“A lot of American scrap metal is being shipped overseas and facilities like this will keep the product here to be used again,” owners Wes Anderson and Jean-Paul Deco said over a phone device. The facility will use nuclear power from AEP and there will be “zero-waste,” Leist said. The facility will address the need for the “huge market for copper and other metals,” they said. Belgian, German, and U.K. interests are involved in the company.

A local company, TJW Industrial which builds custom HVAC and cold storage for food processing, also got approval to buy 7.64 acres of its headquarters. The purchase price for the parcel in Summit Industrial Park II is $255,000, according to Leist and others at the commission meeting. The firm was founded about three years ago by Joe Wagner, president, who employs 66 people.

TJW Industrial has done work at Dreyer’s ice cream plant in Fort Wayne. Summit Industrial Park II is 133 acres bounded by Washington Center and Ludwig roads, according to information provided by the city.

The commission approved $77 million to extend Grand National Drive on the southwest part of the city to connect to Illinois Road and bypass Rewill Drive to spare neighbors the extra traffic. The project entitled the Illinois Crossing Roadway Extension Project will include a new traffic signal and a new public street.

Finally, the commission also approved funding to relocate Comcast aerial facilities from above ground where they hang “dangerously low,” to underground along with McKinnie and Plaza Drive. It involves about a 100-foot stretch in a redevelopment area called Village Premier that offers affordable and market rate housing, Leist said.