Wayne was originally named Louella, after founder J. Henry Askin’s daughters Louisa and Ella.

Wayne’s development began when a railroad stop called Cleaver’s Landing was established. It was renamed Wayne Station after General Anthony Wayne. Parcels in the area totaling 293 acres (1.2 km²) were bought by banker J.H. Askin, where he built a mansion named “Louella” after his daughters Louisa and Ella. “Louella” was described as an 80-room stone building with a large porch overlooking manicured lawn. His and surrounding land were bought in 1880 by banker A.J. Drexel and newspaper editor G.W. Childs, to form a larger development they called Wayne Estate. More homes and a hotel were then built. In a brochure from 1887 about their development they noted they had provided Wayne with “water, light and drainage — the three great conveniences of a large city — by the most approved modern methods.” They described Wayne Estate as follows:

The suburban village known as Wayne, on the Pennsylvania Railroad, fourteen miles from Philadelphia, differs so much from the ordinary town allowed to grow up hap-hazard and to develop conveniences as population increases, that it is necessary, in describing it as it appears, to keep in mind some facts about its history. Wayne is not an accidental aggregation of cottages; it is a town built by design, and provided at the start with all the conveniences to which residents of cities are accustomed and which they are so apt to miss and long for when they go into the country or even into the suburbs of a great city. The scheme of the town was well thought out and planned before any of the new cottages were built, and, as it was undertaken by liberal gentlemen of abundant means, no expense was spared in the preliminary municipal work.