Apartments and Residential Real Estate and Fishers and Hamilton County and Regional News and Retirement communities and Real Estate & Retail

Fishers becomes draw for seniors projects

September 14, 2010

Fishers has a reputation as a home for young families, but developers are pursuing the town’s seniors market. One skilled-care facility is about to open and another will break ground this month.

Bloomington-based CarDon & Associates is about to start construction of the $19.5 million first phase of Hamilton Trace of Fishers at 116th Street and Cumberland Road. The 110,000-square-foot building on 12 acres will house 30 assisted-living apartments and a 108-bed skilled care facility. That building is to be completed by January 2012.

Future phases will focus on independent-living cottages and duplexes, said Scott Rigney, CarDon’s director of development and strategic planning. The entire development will cover 34 acres. It’s being built on land purchased from Sunbeam Development.

Another project will be first out of the gate. By the end of October, American Senior Communities expects to open Allisonville Meadows, a 171-bed skilled nursing facility at 10312 Allisonville Road.

The need for such developments is obvious, said CarDon’s Rigney. “It’s a town of 70,000 people and there are no skilled nursing beds in the town of Fishers.”

Previously, the only community specifically for older adults was Britton Falls, a collection of single family homes between 126th and 136th streets just east of Cyntheanne Road. Britton Falls is for adults over the age of 55.

Scott Faultless, president of the Fishers Town Council, said the influx of seniors projects is an extension of the appeal Fishers holds for families.

“People who have moved here want to stay here. And we have a lot of grandparents who want to live close to their kids and grandkids. It’s part of the maturation process of the whole community.”

Even though the demand is there, seniors developments aren’t recession-proof, Rigney said. Financing for Hamilton Trace of Fishers is coming from First Merchants Bank and Centier Bank. Lining up the money was “several clicks more difficult” because of the economy, he said.

The economy also affects CarDon’s client base. Some people who might otherwise place an older family member in assisted living are keeping them at home because of the expense, Rigney said. People who are unemployed are more motivated to save money, he said, and if they are home all day they’re in a better position to care for an older family member.

Rigney said his company’s project is meant to appeal to all income levels. The facility being built in the first phase is expected to employ about 125 people.

Though CarDon is based in Bloomington, it’s no stranger to the Indianapolis market. The 34-year-old company has an office in Fishers and has facilities in Indianapolis, Carmel and Noblesville. Its 17 properties are spread throughout central and southern Indiana.

Hamilton Trace of Fishers was designed by InterDesign Architects, Civil & Environmental Consultants Inc. and Vector Consulting. Skillman Corp. is building the first phase.
 

ADVERTISEMENT

Recent Articles by Tom Harton

Comments powered by Disqus