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Developer pitches $28M project for Fishers Train Station site

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Fishers officials are expected to vote Monday night on a proposed $28 million redevelopment of the Fishers Train Station site, the final piece of an ambitious plan to transform the town’s municipal complex into a hub of commercial and residential activity.

Economic development leaders have been working with principals at Indianapolis-based Loftus Robinson Development to hammer out a deal for the property along 116th Street just west of the Nickel Plate railroad tracks.

fishers loftus train station 15colThe Town of Fishers would kick in up to $9.5 million for the project under the proposal from Loftus Robinson. (Image courtesy Town of Fishers)

Plans call for a three-story, 33,000-square-foot retail/office building and a four-story, 120-unit apartment building wrapped around a 400-space parking garage.

Under the terms of the project agreement up for consideration Monday, the town would contribute three acres of land and up to $9.5 million for the parking garage. Fishers also would master-lease the office building—which already has a top-floor tenant—lending its credit rating to Loftus Robinson to finance the project.

The developer would contribute at least $750,000 to the office building and work with private partners to finance and construct the upscale apartments—mostly studios and one-bedroom units, with a few two-bedroom options. First-floor retail also is a possibility.

Built in 1996, the existing brick train station building would be demolished to make way for the new construction. The concrete track-side platform is expected to remain in place and accessible via a public plaza.

Existing tenants will be displaced: Fishers’ space-crunched Town Court will to move into the town-owned building that now houses a Bureau of Motor Vehicles branch that is relocating in May; and the town’s employee health clinic will move to the building that construction firm Meyer Najem is erecting nearby to house its headquarters and other offices. The Fishers Chamber of Commerce is still seeking an alternative location.

Indianapolis-based Flaherty & Collins Properties already is working on another mixed-use project on town-owned land just west of the train station site. The $42 million Depot at Nickel Plate, which kicked off the downtown redevelopment initiative, will include 242 luxury apartments, 15,000 square feet of retail space and a 430-space parking garage.

An oversized median between the projects will be transformed into the Central Green, a tree-lined park equipped with granite benches and a water feature. Municipal Drive will be redesigned to add on-street parking.

“Town leadership has a great vision for downtown,” Loftus Robinson principal Drew Loftus told IBJ. “They’re creating an environment that fosters business growth and entrepreneurship, and we’re excited to be a part of that.”

The project is still in the “proposal stage,” he said, and details such as construction timing are still being determined. Town Manager Scott Fadness expects work to begin in June and be complete by fall 2015.

That’s when digital marketing firm BLASTmedia is slated to move its offices from Forum Credit Union’s headquarters to the new office building. An economic development deal approved last year calls for the growing firm to pay reduced rent on third-floor space there.

Redeveloping the train station site is part of a downtown master plan approved more than a year ago, Fadness said. Although officials thought the project might be a second phase of The Depot, the proposal from Loftus Robinson asked for a smaller public contribution than others that were considered.

“It’s a better economic deal for the town,” Fadness said.

 

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  • travesty
    this whole deal is a travesty. this is to big for the area for one. Also you are putting to much living space and to many businesses in an area with traffic problems already. And the other part who is getting paid? No law made and no contract written in government these days is not done without someone paying for it and not the ones befitting from it.
  • Kind of obnoxious
    I'd say that Fisher's is in competition with Carmel on who can be the most obnoxious and full of themselves. A train station??? Trains to where exactly?
  • to John McNichols
    The train station platform will still be in use for state fair and all. They are taking down the building next to it. Also, the platform will be redone so it will be able to accommodate mass transit in the future if anything is passed such as light rail or bus service. Most of the news sites have only shown this drawing. There is another one that shows a more complete view of the layout and position of the train platform.
  • Synergy
    I applaud Fishers and the speed at which all these projects are coming. For the area to be successful there needs a good deal of synergy. Looking at the master plan its easy to see why the large parking garage is needed.
  • Thank you
    Pac said it all. Thanks!!
  • TRAIN Station
    The Town of Fishers sure seems to be capitalizing on the 'Nickel Plate' theme, with its new park and amphitheater and 'The Depot' development. What is to become of the actual TRAIN Station that serves the community with service like the Fair Train that brings thousands of visitors to Fishers that buy food, gas and shop in the area?
    • Parking
      Does Fishers really need 830 parking spaces for this? Seems kind of ridiculous for the size of these projects. I mean I know it's Fishers, but it still seems very excessive.
    • Wonder what Italiano thinks....
      Can't wait for Italiano to catch wind of this. I'm sure we'll all be told about how we're robbing the poor to pay the rich and all how Indiana is marching back into the 1800s....
    • Good Design
      I am really excited to see that DkGr is spreading their good design aesthetic to other communities in central indiana.

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    1. Apologies for the wall of text. I promise I had this nicely formatted in paragraphs in Notepad before pasting here.

    2. I believe that is incorrect Sir, the people's tax-dollars are NOT paying for the companies investment. Without the tax-break the company would be paying an ADDITIONAL $11.1 million in taxes ON TOP of their $22.5 Million investment (Building + IT), for a total of $33.6M or a 50% tax rate. Also, the article does not specify what the total taxes were BEFORE the break. Usually such a corporate tax-break is a 'discount' not a 100% wavier of tax obligations. For sake of example lets say the original taxes added up to $30M over 10 years. $12.5M, New Building $10.0M, IT infrastructure $30.0M, Total Taxes (Example Number) == $52.5M ININ's Cost - $1.8M /10 years, Tax Break (Building) - $0.75M /10 years, Tax Break (IT Infrastructure) - $8.6M /2 years, Tax Breaks (against Hiring Commitment: 430 new jobs /2 years) == 11.5M Possible tax breaks. ININ TOTAL COST: $41M Even if you assume a 100% break, change the '30.0M' to '11.5M' and you can see the Company will be paying a minimum of $22.5, out-of-pocket for their capital-investment - NOT the tax-payers. Also note, much of this money is being spent locally in Indiana and it is creating 430 jobs in your city. I admit I'm a little unclear which tax-breaks are allocated to exactly which expenses. Clearly this is all oversimplified but I think we have both made our points! :) Sorry for the long post.

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