The Eddy 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 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.

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.