FORT WAYNE, Ind. (WANE) – The Fort Wayne Redevelopment Commission on Monday approved the first phase of what’s expected to be a $55 million project designed to transform more than 20 acres of vacant, city-owned land into a vibrant and walkable neighborhood on Fort Wayne’s southeast side.
Dubbed “Village Premier,” Phase I of the project includes more than 200 units of income-based housing and at least nine units of market rate for-sale single family homes at an estimated investment of almost $40 million, city officials said in a media release.
“This is one more specific example, of the market demand and existing developable land in the Southeast area coming together for what will ultimately be a more than $55 million mixed-use project focusing on quality of life, place making amenities and connectivity,” said Nancy Townsend, Community Development Director, in the media release.
House investments, an Indianapolis-area developer, will partner with Fort Wayne-based companies MKM Architecture and Michael Kinder & Sons to complete the project.
The “Village Premier” project was first proposed last July, and as part of the economic development agreement, the City of Fort Wayne will apply for additional funding in cooperation with the developer of the project through Indiana’s Regional Economic Acceleration and Development Initiative program, city officials said.
City officials also plan to issue economic development bonds in the principal amount of $3.3 million, which will be repaid through tax increment financing, a media release said. The bonds will require Fort Wayne City Council approval.
Those bonds will be particularly handy due to the project becoming a little more expensive due to Posterity Heights.
The name “Posterity Heights,” will sound familiar to many in Fort Wayne as the project broke ground in 2017 before ending. It finished its first phase, but was never completed.
Now it’s being picked back up by Village Premier, but funds must be paid to the prior contractor of the job as a result.
Construction of Village Premier is expected to begin later this year.