Fadness: $47M Project a ‘Big Next Chapter’
Fishers Mayor Scott Fadness says a proposed $47 million redevelopment project could be a "big next chapter" for the city. The project, which would be located in the city’s Nickel Plate District, includes a three-story office building, 500-space parking garage and a mixed-use building which will include 240 residential units and 5,000 square-feet of commercial space.
The project is being proposed through a partnership among Indianapolis-based RQAW Corp., Envoy Inc. and Hageman Group. RQAW has already made plans to invest $4 million to relocate its headquarters to the office space and bring up to 60 jobs to the building.
The city is including $16.5 million in incentives that will cover the cost of the land, waiver of fees, and construction of the parking garage and surrounding hardscapes. The proposal and the incentive agreement will be considered by the Fishers City Council on Monday.
"Economically, I think it’s a very viable deal. I think it’s a very fair deal with the incentives involved with it from the city," said Fadness. "So we just think it hits all the criteria that has made the Nickel Plate successful to date and will continue to make the Nickel Plate successful in the future."
The mixed-use portion of the project will have the option for live-work units on the first floor. Those units will have street-level commercial entrances for an office or studio and residential space for living, an idea that Fadness called "very interesting for our entrepreneurial city."
The partnership will see RQAW develop and own the office component, which totals 30,000 square feet of space. Envoy and Hagemen Group will develop, own and operate the parking garage and mixed-use building. If approved by the city council, construction is expected to start this year and be complete in May 2018.
Fadness says he is excited about the development’s possibilities.