Decision time on RiverPlace

June 4, 2007
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The Fishers Town Council could decide the fate tonight of a controversial mixed-use project that includes residential high-rises along the White River. RiverPlace
What do you think they'll do? The $500-million project by Centre Properties would sit at the northwest corner of Allisonville Road and 96th Street and could include two 25-story towers with roughly 1,000 residential units, along with hundreds of thousands of square feet of retail and office space. Opponents fear the project's impact on traffic and the White River floodplain.
UPDATE: The Council approved the housing portion of the project last night.
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  • Traffic in Fishers? What, me worry?
  • I really hope that this project gets the thumbs-up. Indianapolis should support compact, high-density development such as this - we should be lucky that a developer is willing to take a chance and build such a massive development here. If you look at Chicagoland, this would be business-as-usual. Here, it could be a landmark. There is an argument to be made concerning land-use, but I'd much rather have in-fill development like this than continue the crazy push further and further out into the burbs. Keep what's not developed green, pristine, etc. and make urban areas urban. Not to mention a portion of this land will become a park, as the developer has stated in the past. I say go for it!
  • This project is an un-needed monster. 25 story towers in Fishers...???
    25 story towers in Fishers?? You have got to be kidding me!
  • Indy is a sprawl hellhole and NOTHING will ever change that. I am so glad that I am one of the majority of college grads that leaves this backwards [edited] state.
  • LVfoo -

    Um... this type of development is not adding to the sprawl, but rather is a reaction against it. Think about it... these types of projects will concentrate people into a small area where one could conceivably live, work and shop without having to travel by car.
  • i completely agree with don. while lvfoo is correct about a sprawl problem in this city/state, he must not have learned what mixed-use development is. sorry that you're leaving the state - maybe if more people like yourself that obviously sees an issue with the current state of the city would stay, we could all work together on making it better instead of fleeing. you'll find that there's issues anywhere you go. the landscape changes, but most of the time, that's about it.
  • So let me get this right--When Carmel's Clay Terrace was proposed it was touted as the outdoor shopping venue. Then Simon decides to build Hamilton Town Center--twice the size as Clay Terrace. Now we have RiverPlace that is also supposed to have twice the retail as Clay Terrace. Add Saxony, SR37 north projects, etc. and just how are all of these developers going to attract enough retailers to fill the ginormous spaces? Will any of them add new retail or will we be overrun by yet more run-of-the-mill stores and chain restaurants?
  • Let lvfoo leave the state -- sounds like brain gain to me. I'm one of a group of about five or so college grads that have moved here, or moved back here in the last year. Don't like sprawl -- try Atlanta, or Chicago...wait, nevermind.
  • This development is great, but it's in absolutely the wrong place. Don't forget that the Fishers Town Council is also looking to do a dense mixed-use, new urbanist redevelopment of the area around 116th and I-69...AND they're still looking to relocate the Indy Metro Airport and replace it with something on this scale. At least in both of those cases, the sites offer direct interstate access (even if it is I-69).
  • I think that this is a great proposal and I hope it gets built per what has been proposed. I love the idea of more high-rises out in the burbs. These developments actualoly help to curb the sprawl that LVfoo so hates. (if you think Indy is bad, I would recommend staying away from all cities in the west and south!)
  • I moved back to Indy from Chicago just so I'd be able to drive to the post office without sitting in traffic. Love the idea but not liking this location as much as I like the proposal for downtown Fishers and of course Saxony (Hamilton Town Center). But that makes me just stay in my neck of the woods of Fishers a lot more than Castleton, even if Stir Crazy is coming to the mall!

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  1. The $104K to CRC would go toward debts service on $486M of existing debt they already have from other things outside this project. Keystone buys the bonds for 3.8M from CRC, and CRC in turn pays for the parking and site work, and some time later CRC buys them back (with interest) from the projected annual property tax revenue from the entire TIF district (est. $415K / yr. from just this property, plus more from all the other property in the TIF district), which in theory would be about a 10-year term, give-or-take. CRC is basically betting on the future, that property values will increase, driving up the tax revenue to the limit of the annual increase cap on commercial property (I think that's 3%). It should be noted that Keystone can't print money (unlike the Federal Treasury) so commercial property tax can only come from consumers, in this case the apartment renters and consumers of the goods and services offered by the ground floor retailers, and employees in the form of lower non-mandatory compensation items, such as bonuses, benefits, 401K match, etc.

  2. $3B would hurt Lilly's bottom line if there were no insurance or Indemnity Agreement, but there is no way that large an award will be upheld on appeal. What's surprising is that the trial judge refused to reduce it. She must have thought there was evidence of a flagrant, unconscionable coverup and wanted to send a message.

  3. As a self-employed individual, I always saw outrageous price increases every year in a health insurance plan with preexisting condition costs -- something most employed groups never had to worry about. With spouse, I saw ALL Indiana "free market answer" plans' premiums raise 25%-45% each year.

  4. It's not who you chose to build it's how they build it. Architects and engineers decide how and what to use to build. builders just do the work. Architects & engineers still think the tarp over the escalators out at airport will hold for third time when it snows, ice storms.

  5. http://www.abcactionnews.com/news/duke-energy-customers-angry-about-money-for-nothing

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