Fort Wayne breaks ground on $40M housing development
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Officials in Fort Wayne broke ground Wednesday on what the city calls the largest market rate, single-family housing development on the city’s southeast side in nearly 50 years. The developer of Roosevelt Reserves plans to invest $40 million on the project over the next four years.
Roosevelt Land Development Group is developing the 131-lot subdivision on 126 acres of land at Tillman and Hessen Cassel roads. The development will include single story and two-story homes, and some lots have already been sold.
Fort Wayne Mayor Tom Henry said the project will provide needed housing options.
“It’s one of the many reasons why I’m so enthusiastic about the direction we’re headed in southeast Fort Wayne,” Henry said in a news release. “We’re bringing meaningful quality of life opportunities to residents, neighborhoods, and businesses. Collectively, our community has an unwavering commitment to make a positive and lasting difference in the southeast quadrant.”
Roosevelt Land Development Group received approval from the Fort Wayne City Council in February to use the city’s Legacy funds to pay for a portion of public infrastructure improvements at the site. That funding will be reimbursed by new taxes generated by the project through a residential tax increment financing district that has been established.
The developer expects the homes to begin in the mid-$200,000s for certain models.