FORT WAYNE, Ind. (WANE) – Fort Wayne’s Southeast side is set for continued growth as the Roosevelt Reserves subdivision moved one step closer to starting construction Tuesday.
Fort Wayne City Council and the Fort Wayne Redevelopment Commission approved a $5.2 million dollar TIF loan for the project last year. In Tuesday’s Redevelopment Commission meeting, officials approved amending the amount of lots to be built.
Originally quoted at 263 lots, developers with Roosevelt Reserves said Tuesday that number will be more like 200, with funding from the city going toward 131 of those lots.
Jerry Starks, Developer of Roosevelt Reserves, Managing Broker and Owner of JM Realty, said they had to decrease the amount of lots because of a nearby floodplain. Starks said the plan now is to put that same amount of money into a smaller amount of lots and keep the cost of building the lots down.
“If the cost goes up to develop it, then the cost of land goes up to develop.” Starks said. “But if we can shrink the size of the subdivision and still contribute the same amount of money per lot now we’ve got more contributed to each lot, we can keep the price where we can get some momentum and get some market rate housing in there.”
Other than the amount of lots changing, Starks said the only other difference was a change to the layout of the subdivision itself to move land from the floodplain.
Starks said the price of land acquisition will start at $30,000.
The project will be done in phases and located around the corner of Hessel Cassel and Tillman roads. Starks said best case scenario, construction will begin within the next 3 to 4 months. He also hopes to have houses built by the end of 2023. He predicts the entirety of the project to take 4 to 5 years to complete, becoming the first Fort Wayne market-rate project in 50 years.