FORT WAYNE, Ind. (WANE) — A new $50 million mixed-use development is planned for downtown Fort Wayne.

Sweetwater founder Chuck Surack and Lisa Surack will partner with the city of Fort Wayne’s Community Development Division on “The Pearl,” a 7-story development with ground floor commercial and event space, residential and parking, and “live/work units.”

The Pearl is anticipated to include a seven-story mixed-use building with more than 35,000 square feet of ground-floor commercial and event space, 92 structured parking spaces for residents, five “first of its kind” live/work units and approximately 76 dwelling units on upper floors.

The development will be built west of The Bradley and south of Perfection Bakery, bounded by Pearl Street, Webster Street, Main Street, and Maiden Lane.

The downtown Fort Wayne block where The Pearl development will rise is shown.

“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.”

The city said the Suracks would invest up to $7 million to improve the streets and public infrastructure around the site.

“On behalf of Redevelopment, 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 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 Fort Wayne Redevelopment Commission will consider an economic development agreement to partner with the developer to use the new tax increment generated by the project to reimburse for public improvements around the property. The plans calls for new sidewalks, water and sewer lines, bricks on Maiden and Webster, and repaving of Pearl Street.