Project updates: Fishers mixed use, Carmel hotel and Zionsville's new HQ

February 4, 2014
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Elected officials north of 96th Street advanced a bevy of public-private projects Monday during what I like to call their monthly meetingpalooza. Here’s a rundown on where things stand:

— Fishers Town Council (and a trio of appointed boards) OK’d a project agreement with a developer planning a retail-and-office building and attached parking garage adjacent to Fishers Office Suites downtown.

As IBJ reported Jan. 28, the town will hand over a prime parcel at 116th Street and Lantern Road and contribute $6 million for the 330-space garage, which would be available for public parking after business hours and on weekends and holidays.

Fishers Urban Development LLC—a partnership of local office-suites operator Yeager Properties, Baldwin Cos. principal Scott Baldwin and land-use attorney Steve Hardin—expects to replace a shuttered KFC restaurant with a three-story mixed-use building.

Yeager office
                              building rendering 15colClick to enlarge this rendering of the planned three-story office building at 116th Street and Lantern Road in Fishers. (Rendering courtesy of Fishers Urban Development LLC)

It’s in the final stages of negotiations with Community Health Network, which is looking to lease about 22,000 square feet on the second and third floors for medical offices. Outdoor terrace patios are planned for both upper stories.

About 7,000 square feet of the ground-floor retail space is being eyed as a location for a “white tablecloth” restaurant, Hardin told a joint meeting of the council, Fishers Redevelopment Commission, Fishers Economic Development Commission and Town Hall Building Corp.

The town-owned parking garage—and its 9,000 square feet facing Lantern Road—
would replace Yeager’s existing 84-spot surface lot in between the two buildings. Fishers Office Suites’ distinctive yellow edifice is slated to be overhauled to match the more muted look of the new structure.

Hardin said the group is excited to be part of Fishers’ ambitious downtown redevelopment, which kicked off with the $42 million Depot at Nickel Plate apartment-and-retail project under construction along 116th Street a few blocks west.

By sharing their joint vision for downtown, town leaders are sending a message that they’re serious about redevelopment, he said.

“It’s much easier to do business in a community where the leadership is clear,” Hardin said.

— Carmel City Council approved a zoning change that will allow St. Louis-based Drury Hotels to build a 10-story hotel and freestanding restaurant at the northeast corner of Meridian and 96th Streets, just south of Interstate 465.

As IBJ reported Jan. 31, Drury Development Corp. plans to break ground on the 304-room Drury Plaza Hotel this spring. It’s expected to open in late 2015.

No one spoke at a public hearing on the proposed planned-unit development ordinance, which governs design standards on the site. Council members unanimously OK’d the project with no discussion.

— Zionsville Town Council gave a preliminary OK to local incentives for Indianapolis-based Hat World Inc., which plans to build a 150,000-square-foot headquarters in the town’s new Creekside Corporate Park. Nothing is final until after a public hearing and confirmatory vote next month.

Hat World, which does business as Lids Sports Group, is set to receive a pair of 10-year abatements that would reduce its real estate and personal property tax bills by 50 percent. The council also agreed to waive certain development fees.

As IBJ reported Jan. 10, Hat World’s headquarters move is part of a planned $21.8 million expansion. By 2025, the company it expects to add more than 750 jobs between its Zionsville corporate base and a growing Park 100 distribution center.

— The Noblesville Common Council, meanwhile, signed off last week on a two-year tax phase-in for LeMaster Steel Erectors, which plans to invest nearly $1.2 million to accommodate its growing Hamilton County operation.

The Elkhart-based company is out of space at its existing building at 15249 Stony Creek Way, and it’s seeking a property tax break on a 10,625-square-foot facility it wants to erect  in the city’s Pleasant Street Commercial Park.

LeMaster President Jim Bigler told IBJ the company is ready to start building and hopes to move in July or August. Its staff of 48 has nearly doubled since the end of 2010, and he expects to continue growing.

 

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  • New Property Lines?
    Evidently this is the real property lines blog because the other one is just a "restaurant round-up." Kinda sad when the suburbs get more updates on urban development than the city. IBJ you have really gone down hill the past couple of years.
  • Enlarged Pictures!!?!
    This has driven me crazy for the past few years. Can we please have clickable images that you can enlarge and actually see? This is too small to really tell what's going on.
  • Yay!
    Thanks for the enlarged picture option!
  • Wish Fishers had higher architectural standards
    Looking at this Toon Town building, I wish it was going to be more classic looking. I think the one going up on the municipal land will at least be more classic looking. Looking at this one makes me want to search for somewhere else to live--maybe that is Carmel or Zionsville. Come on Fishers, we can do better!
    • Fishers development
      I agree Larry, very disappointed in this design. Awful!

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    1. How can any company that has the cash and other assets be allowed to simply foreclose and not pay the debt? Simon, pay the debt and sell the property yourself. Don't just stiff the bank with the loan and require them to find a buyer.

    2. If you only knew....

    3. The proposal is structured in such a way that a private company (who has competitors in the marketplace) has struck a deal to get "financing" through utility ratepayers via IPL. Competitors to BlueIndy are at disadvantage now. The story isn't "how green can we be" but how creative "financing" through captive ratepayers benefits a company whose proposal should sink or float in the competitive marketplace without customer funding. If it was a great idea there would be financing available. IBJ needs to be doing a story on the utility ratemaking piece of this (which is pretty complicated) but instead it suggests that folks are whining about paying for being green.

    4. The facts contained in your post make your position so much more credible than those based on sheer emotion. Thanks for enlightening us.

    5. Please consider a couple of economic realities: First, retail is more consolidated now than it was when malls like this were built. There used to be many department stores. Now, in essence, there is one--Macy's. Right off, you've eliminated the need for multiple anchor stores in malls. And in-line retailers have consolidated or folded or have stopped building new stores because so much of their business is now online. The Limited, for example, Next, malls are closing all over the country, even some of the former gems are now derelict.Times change. And finally, as the income level of any particular area declines, so do the retail offerings. Sad, but true.

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