Big Fishers Project Gains Key ApprovalPosted: Updated:
Members of the Fishers Town Council have approved an $18 million project to redevelop the former site of a fast food restaurant. Town Manager Scott Fadness calls the effort a key part of the downtown redevelopment strategy. Noblesville-based Yeager Properties is expected to start construction this summer. It has been talking with Community Health Network to serve as anchor tenant.
The development will also include office space, a parking garage and other mixed-use space.
Source: Town of Fishers Twitter Feed (@FishersIN)
Originally Posted February 3, 2014
FISHERS, Ind. - A redevelopment project planned for the northeast corner of 116th St. and Lantern Rd. would include a three-story office building with retail and medical uses, a 330-space parking garage and mixed-use office space. With Council approval tonight, Yeager Properties plans to kick-off construction this summer, and is in final stages of completing a lease with Community Health Network as the anchor tenant for the office building.
"Fishers economic development is gaining momentum and the addition of Community Health Network to our downtown space is an example of our success," said John Weingardt, Town Council President. "This project meets vital parking needs of the Nickel Plate District, and creates more space to accommodate the demand for office and retail locations in the area."
The new office building offers more than 51,000 square feet with Community Health Network negotiating to lease 22,000 square feet on the second and third floors. The project also includes a parking garage wrapped on the west with an additional 9,100 square feet of mixed-use space. The parking will be available to the public after 6:00 p.m. every evening and on Saturdays and Sundays. All totaled the redevelopment project equates to an $18 million investment, and is expected to be complete by the spring of 2015.
"The project is a key component of our downtown redevelopment strategy," said Scott Fadness, Town Manager. "It will bring jobs to downtown, resulting in an increased daytime population that supports other businesses in the area."
The specifics of the private-public partnership include investments by both Fishers and Yeager Properties. The Town purchased the closed KFC restaurant at the 116th St. and Lantern Rd. intersection in early 2013 with plans to spur redevelopment, and will contribute the land for the project, while Yeager contributes the land for the parking garage. Yeager will develop the project, and Fishers will contribute $6 million toward development costs of the garage and improvements to the public space around the project.
About the Nickel Plate District:
The redevelopment of the Nickel Plate District embodies the Town of Fishers' vision to attract innovative businesses and a quality of life that brings creative, entrepreneurial talent to Fishers while maintaining the long-term sustainability of the local economy. Fishers is committed to the Nickel Plate District redevelopment resulting in market-driven projects with a diverse mix of industries and career opportunities.
Source: The Town of Fishers