FORT WAYNE, Ind. (ADAMS) – On Thursday, Fort Wayne Mayor Sharon Tucker and representatives from Barrett Realty Investments announced the start of construction on a $45 million mixed-use development named The Eddy.
The development sits on the 2.28-acre site known as the Wells Street Wedge, which is northwest of Promenade Park along the north side of the St. Marys River, and is connected to the park by the old Wells Street Bridge. The name for the development comes from an eddy in a river, which is a section of water where the current flows in the opposite direction from the main flow, creating a calm pocket of water.
The City released the following:
“The team at Barrett has proven to be great partners as we build out more innovative initiatives through public-private partnerships to benefit our community,” said Mayor Tucker. “It’s vital that we continue these types of projects to bring additional people and development into Fort Wayne.”
The Eddy will include 111 market-rate apartments, a 236-space parking garage with spaces for the public, and approximately 3,300 square feet of ground-floor retail space. Completion of the parking garage is anticipated for 2027 and for the mixed-use building in 2028.
“The start of construction on The Eddy is an important milestone because it represents the first major new residential development on the north side of the St. Marys River,” said Alec Johnson, Fort Wayne Redevelopment director. “This development brings the excitement of the Riverfront district to the north side of the river and extends it to Riverfront Fort Wayne Phase 2B, the private development at Schaab Riverfront Plaza and MoRE Brewing, and the North River Mixed-Used District.”
Funding sources for The Eddy include: a $4 million READI 2.0 grant and redevelopment tax credit from the Indiana Economic Development Corporation, tax increment financing from the Fort Wayne Redevelopment Commission, $650,000 allocation from the Allen County Fort Wayne Capital Improvement Board and a $4 million loan from the Indiana Finance Authority.
Renderings and more information can be found HERE
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