FORT WAYNE, Ind. (WANE) – A Memorandum of Understanding to develop the city’s North River property has been signed. Mayor Tom Henry revealed new details of a $150 million dollar soccer and entertainment complex during his annual State of the City address Wednesday.

According to the mayor, a private developer has drawn up plans to build a professional soccer stadium alongside an entertainment venue, a fieldhouse, as well as a hotel and restaurant on the 30 acres of city-owned open land north of Headwaters Park.

“We’ve been working very hard to jump over the river,” Henry told WANE 15. “To begin to develop beyond the river, which has been historically kind of the northern part of downtown. By getting over the river we can continue the expansion of our downtown northward. This may be the key to that.”

A rendering shows what a planned soccer stadium complex could look like from Clinton Street.

While the project may not become a reality for several years, it is the most concrete plan to arise for the land that was once occupied by OmniSource. Several development ideas have been discussed since the city bought the land in 2017. A potential soccer stadium became public in May 2020.

According to Henry, the developer is willing to invest up to $150 million. WANE 15 asked the mayor how involved the city could become in financing the project. He anticipated the city being involved with a parking agreement, but said it was too early to know details.

Headwaters Junction, a railroad attraction and entertainment venue has been in several development discussions for the land, but organizers have said a new location has been discussed for that project.