The City of Fort Wayne’s Community Development Division led a groundbreaking ceremony to mark the beginning of construction on a major mixed-use development in southeast Fort Wayne.
Community Development’s Office of Housing and Neighborhood Services is investing $500,000 in federal funds to create 208 units of affordable rental housing. OHNS also used $2.1 million in Community Development Block Grant and Neighborhood Stabilization Program funds to acquire the property and prepare a shovel-ready site for the project.
The Village Premier project is being constructed on a 22-acre site near the intersection of South Anthony Boulevard and McKinnie Avenue. The unique development is led by House Investments, an Indianapolis-area developer, in partnership with Fort Wayne-based companies MKM Architecture and Michael Kinder & Sons.
Phase I of Village Premier includes more than 200 units of affordable housing and nine market rate single-family homes. Future phases will include community amenities such as senior and income-based housing options, childcare, a health clinic, and commercial space. This neighborhood center model provides valuable services to the community aligning with recommendations from the City’s Southeast Strategy, which was created in partnership with the community and adopted by City Council last year.
Village Premier was awarded $5 million in funding through the State of Indiana’s Regional Economic Acceleration and Development Initiative (READI) program. Additional funding through a $3.3 million economic development bond will be repaid from tax increment generated by the project and by the Tillman-Anthony TIF district. Phase I has an estimated total project investment of approximately $45 million. Once the project is complete, there will be an anticipated total investment of $65 million over three phases.
“I’m enthusiastic about what we’re seeing take place in southeast Fort Wayne,” said Mayor Henry. “We’re looking forward to partnering with House Investments as we work together to make a lasting and meaningful difference. Village Premier is going to be an outstanding project for our community.”
“We are excited to begin Phase I construction of Village Premier, and we look forward to the completion of the full project. The new amenities will improve the quality of life in our existing neighborhoods while also attracting new private investment in southeast Fort Wayne,” said Deputy Director of Redevelopment Jonathan Leist.
“House Investments is honored to be the developer for this Project, and is looking forward to the impact that Phase I (and future phases) will have in southeast Fort Wayne,” said Matt Gadus, Chief Investment Officer of House Investments. “Once completed, Village Premier will provide much needed additional housing options, community services, and commercial space that will create a mixed income, mixed-use neighborhood center in the heart of southeast Fort Wayne.”
Phase I of Village Premier is expected to be finished in June 2024.
Launched by Governor Eric Holcomb and led by the Indiana Economic Development Corporation (IEDC), READI encourages regional collaboration and data-driven, long-term planning that will attract and retain talent in Indiana. The $500 million READI fund was passed by legislation during the 2021 session and was divided among 17 regions. Through READI, 17 regions across the state that represent all 92 counties are moving forward with projects and programs designed to enhance Indiana’s regions for current and future generations of Hoosiers. Collectively, the state’s $500 million investment is expected to yield an additional $9.86 billion public, private and nonprofit dollars invested (19.72:1 investment leverage ratio) in enhancing Indiana’s quality of life, quality of place and quality of opportunity.
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