Development firm Thompson Thrift is expanding its reach in fast-growing Fishers, working with partners to buy 70 acres of high-potential property near a planned Interstate 69 interchange.
The Delaware Park commercial subdivision, located south of 106th Street east of the highway, already is home to office buildings with tenants including Roche Diagnostics Corp. and Freedom Mortgage. But large swaths of land remain undeveloped.
Thompson Thrift Development collaborated with locally based developer Thomas A. Grant Inc. and a group of associates to assemble the vacant land, which already is zoned for retail, office and industrial use.
Terms of the deal were not disclosed.
“We view this as a strategic acquisition and opportunity for our company,” said Ashlee Boyd, vice president of development at Thompson Thrift, which has offices in Terre Haute and Carmel. “We’re excited about adding that project to our pipeline.”
The new owners will work with town officials to come up with a master plan for the development, Boyd said.
With a 106th Street interchange in the works—design work is expected to begin this year and construction in 2015—“the dynamics of that area are going to change significantly,” he said.
Town Manager Scott Fadness said officials are excited about the potential to attract high-density office development to the I-69 corridor. Some light retail uses also are possible, given the need to serve nearby office workers.
“Thompson Thrift does great work,” he said. “We’re looking forward to working on their different concepts.”
The company also will handle sales and leasing once the development takes off.
It has experience in the market, managing commercial projects throughout Hamilton County. Its highest-profile local venture is Fishers Marketplace, a 104-acre site along State Road 37 north of 131st Street that sat vacant for years after plans for a water park dried up.
A Walmart Neighborhood Market and Lake City Bank are up and running there now, and construction is under way on 16,000 square feet of retail space just north of the bank.
Future Marketplace tenants include Zaxby’s, City Barbeque, Bagger Dave’s Legendary Burger Tavern, Which Wich, Popeye’s Louisiana Kitchen and Fancy Nails.
What would you like to see pop up in Delaware Park?