FISHERS - Another major development is coming to Fishers. Indianapolis-based Browning Investments has announced plans for a $157 million project in the city's downtown that will include a boutique hotel, as well as residential, office and retail space. Fishers-based First Internet Bancorp (Nasdaq: INBK) will anchor the development by moving its headquarters to a six-story, 168,000-square-foot building.

The project will span the north and south sides of 116th Street and will be bordered by North Street, Maple Street, South Street, and the proposed Nickel Plate Trail. Fishers Mayor Scott Fadness tells Inside INdiana Business the project is the second chapter of downtown revitalization for the city.

"We've had a significant amount of growth in downtown over the last three or four years, but what this does is it brings a core tenant, a corporate headquarters to downtown, so you got more people working in downtown which helps the retail," said Fadness. "Secondly, it's our first development on the south side of 116th Street so seeing that start to grow and redevelop is also really, really interesting."

The city says the north side of the development will include 241 apartment units, 10 luxury townhomes along Maple Street, a two-level garage with a green roof and pool, and office and retail space on each corner. The south side portion will have the office building housing First Internet Bank, a 110-room high-end boutique hotel and a parking garage.

Fadness adds having a company like First Internet Bank relocate to the new development makes a statement.

"For us to be coined as an entrepreneurial city, to have (Chief Executive Officer) David Becker, who is one of the best known entrepreneurs in Indiana, decide to take his tech company and locate it in the heart of our city is a really big deal and that's very exciting to us," said Fadness.