Surack Enterprises is collaborating with Community Development Division of City of Fort Wayne for a new development project, named The Pearl, in the downtown area, Indiana, US.

The company will invest approximately $50m in the new project, which is expected to include a seven-story mixed-use building.

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The new development will also include more than 35,000ft2 of ground-floor commercial and event space, as well as 92 structured parking spaces for residents, along with five live/work units and about 76 dwelling apartments on upper floors.

The company stated that the project is located west of The Bradley, Fort Wayne’s new boutique hotel, and south of Perfection Bakeries.

The City of Fort Wayne Redevelopment deputy director Jonathan Leist said: “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.

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“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.

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“The new building’s design and use will be a great complement to surrounding businesses including The Bradley and The Landing, and we look forward to this new addition to our vibrant and growing downtown.”

Furthermore, Suracks has also planned to invest up to $7m to improve the streets and public infrastructure around the project site.

Suracks said: “This project is a perfect example of how public and private development projects can work to benefit the entire community.

“We are excited to see how The Pearl will continue to enhance the downtown experience for both residents and visitors.”

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The new development is expected to include a seven-story mixed-use building. Credit: Surack Enterprises.