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Developer pitching $17.5M project in downtown Fishers

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A development group that includes local office suite operator Yeager Properties is working on plans for a $17.5 million mixed-use building and parking garage in downtown Fishers.

Fishers Urban Development LLC is negotiating a project agreement with the town, which owns the targeted property—a shuttered KFC at 116th Street and Lantern Road next door to Yeager’s Fishers Office Suites.

Plans call for a three-story, 50,000-square-foot building with retail on the first floor and medical-office uses above, said partner Scott Baldwin of residential brokerage Baldwin Cos. The attached parking garage would replace an existing surface lot south of the office suites and be shared by tenants in both buildings.

Fishers’ Town Council is expected to vote Monday on a proposal that calls for the town to contribute the KFC property and $6 million for the 330-space garage, which likely also would be available for public parking.

The site is just a few blocks east of The Depot at Nickel Plate, a $42 million apartment-and-retail project that Flaherty & Collins Properties is building with help from the town. Fishers contributed land in its municipal complex and about $11 million in tax-increment financing toward a 430-space garage there.

Parking is a key component in town leaders’ effort to build a bustling downtown that will draw residents and businesses alike, creating an identity for the community and diversifying its tax base.

"The consideration of this proposal is exciting to the town because it confirms that momentum is building for our vision of a great downtown in our community," Town Manager Scott Fadness said in an email.

Indeed, economic development leaders have said for months that several such deals are in the works.

As IBJ reported in September, officials have been working on plans to redevelop the Fishers Train Station site, and the town already has lined up a tenant for a future office building there. Digital marketing firm BlastMedia is expected to occupy 10,000 square feet on its third floor if the building is complete within two years.

And in December, Fishers-based construction firm Meyer Najem said it would move its headquarters into a $5.5 million office building it’s planning on town-owned land across the railroad tracks from the Fishers Public Library. The town promised to lease the top floor and sublease the space to high-potential companies that need flexible lease terms.

Town leaders have been assembling small parcels of land in the heart of downtown for more than a year in hopes of spurring development.

Baldwin, who is working with Yeager Properties President Scott Yeager and local land-use attorney Steve Hardin on the new mixed-use project, said Fishers Urban Development already has lined up tenants for the building.

“I can’t say who they are yet, but the majority of the building is leased,” he said. “It’s a spectacular location.”
 
The former KFC site downtown has a lot of potential, agreed Ashlee Boyd, senior vice president at Terre Haute-based Thompson Thrift Development Inc., which is working on the 104-acre Fishers Marketplace project a few miles north along State Road 37.

“It’s got all the key ingredients to make something like that successful,” he said, ticking off advantages such as its proximity to heavily traveled Interstate 69 (and its busy Exit 205).

Indeed, Fishers’ economic development officials tout daily traffic of about 40,000 vehicles along that stretch of 116th Street and 3,000 rooftops within a mile of downtown.

“It’s a very well-located piece of property, so it’s just a matter of getting the right project in there,” said Boyd, who was not familiar with Fishers Urban Development’s plans. “The residents of Fishers certainly are ready and eager for that type of project.”

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  • Hoping Yeagers Theme Stands Strong
    As a Yeager tenant of 7+ years I find some of the comments on here somewhat outlandish and hysterical at the same time. I would love to occupy the new Yeager space in hopes of finally achieving my dream of having a retail store front! This family based business has made a pathway for us small business owners. I have grown within the property and slowly allowed my business to evolve without having to go into debt. To me it's not about what color is on the building, but what the family values are behind the people developing it. I personally have come to love the ENTIRE Yeager family and applaud what they stand for!
  • Rethinking Toon Town
    So I see in the newer IBJ story that the yellow building will be repainted to match the new Toon Town building that will be going up next to it (thanks to Fishers giving them the land, etc.--hooray!). Looking at the new Toon Town building, I was thinking that does having these types of buildings somehow wear better on the eye over the years than one monolithic building? I don't know, but maybe that is the case, especially in a city environment. I agree that out by itself it looks weird. I believe there is one of these along 37 in Noblesville.
  • Garish
    Just so you know what Larry is talking about, here is a link to Yeager properties: http://yeagerproperties.com/locations/. Note that Carmel buildings look pretty normal but Fishers is toon townish.
  • Toon Town--Right On!
    So I image searched for the Yeager buildings and I see the Toon Town reference. I guess we should be lucky that the Fishers building is more uniform, but it's still that god awful ugly yellow building. It's the only commercial yellow building I've ever seen. I can't believe that some zoning board and the Town Board approved that thing. Paint it any other color but yellow.
    • How about we wait
      And see if we can get the Monstrocity at Municipal fully leased before we go building more office space on 116th. I have a serious issue with the town continuing to buy up the smaller, older properties throughout downtown Fishers that are housing growing businesses. They're being displaced, and I'm sure they are expected to go into the new buildings, but they definitely will lose their visibility and accessibility. How about we focus on leasing spaces that have already been built instead of building a second parking garage (YUCK!) in downtown Fishers and another office building?
    • No Coincidence
      Meyer Najem holds a fundraiser for Scott Fadness and then gets the Town to buy them a new building in Fishers. Yaeger Properties attorney Steve Harden throws a fundraiser for Scott Fadness and months later Yaeger Properties gets awarded land and tax money to develop in Fishers. Coincidence? I don't think so. Scott Fadness threatened to leave Fishers years ago unless he got a pay raise (which is now $120,000). Does this guy really want what is best for Fishers? Whenever this city gets unmanageable he will just move back to North Dakota. Don't be fooled people - vote for ANYBODY else. I literally don't care who.
    • TIF Districts
      I have been concerned about the over-use of TIF districts for some time now. Basically, A TIF district borrows money (bonds) to finance some development. The increased tax value of the development generates property taxes that go to repaying the bond. A couple of "buts". If the new tax revenue is not enough to service the debt on the bonds, it comes from general tax dollars. Second, the improvement does NOT add to the property tax base until the debt is paid off, 20 years or longer. And "town" government has designated virtually every imaginable scrap of land in Fishers to be in a TIF district. We badly need to grow the business property tax base, but this policy has us backed into a corner. We need to re-think our entire policy on TIF districts.
    • Does this really serve the people?
      If city government consisted of fire, police and emergency services along with the normal permitting functions, why would we need this mad rush to stuff the more business along a very congested street (116th). The town officials are simply feeding the beast of larger government. It would be very interesting to see a graphic of total city budgets and personnel growth over the last 10 years. Does anyone think that the service oriented jobs that will be generated by making the center of the city a “vibrant place for people to visit” actually fit the demographics of the city? Last time I looked at census data for 46037-38 household incomes were between $70-$110K. Fishers had a good thing going for it as a residential community with low traffic and green spaces. Where it is heading is increased congestion and schmaltzy buildings that will eventually have multiple empty spaces sporting “For Lease” signs like a lot of the strip malls along 116th St.
    • Mortgage Anyone?
      Josh---Actually most people in Hamilton County do exactly what municipalities do with a TIF district. When you go to buy your home you spend money you don't have via a mortgage, but it is verified that you have the ability to pay it over time with future income. A TIF works in a very similar fashion promising infrastructure dollars based on future tax income. As far as collecting taxes on an empty warehouse or retail space....property taxes are collected on real estate whether a business is occupying them or not. A bank, REIT, or real estate owner is on the hook for the property taxes. Now, a government entity cannot collect corportate business tax, sales tax, or benefit from the residual COIT money from a lack of businesses, so it is certainly in their best interest to fill vacancies.However, and empty commercial building still adds more to the tax base than an empty plot of dirt.
    • Unlimited bank book
      The Town has a surplus of about $6 million currently. It's a shell game, of course. Carmel has been spending money they don't have for YEARS under Brainard. But have you driven through Carmel lately? THEY have an identity and its full things to do. Oh wait, they don't have a little park you can color with chalk in.
    • Hunter
      I do not think many average citizens understand how the TIF money works and Scott Fadness is probably useing it to his advantage to keep taxpayers in the dark. Also what you overlook is the fact that the town is still on the line for 20 million dollars. If what I read correctly is and I don't want to be dishonest about what you said is the tax money will be used for these projects as it becomes available. So Fishers is writing checks for money it does not have? If I do that with my personal bank account I believe that is criminal. I work and know I will be paid but if the money is not in my account I cannot right checks for potential future earnings. What you are saying Hunter is government is allowed to do this? Won't this lead to deficits that Fishers tax payers will be on the hook for long after Fadness is gone? I am also curious is that why Scott Fadness recently wanted to raise the food and beverage tax? Was it to have extra tax dollars to pay for these programs? Also how is Fishers collecting taxes on empty warehouses, retail space and foreclosed homes? Questions I believe Fadness has no intention of answering.
      • Simple Math Alan
        Alan--your math is off. The $15 million surplus is the Town of Fishers net position at end of fiscal year 2013. The $11 million mentioned for the project in front of the Town Hall is not an $11 mil payment from the Towns coffers, rather it is TIF money. The money will only be rerouted to the project as it comes in from newly captured taxes. If you want to critique the economic deals by Fishers' officials, fine, but don't be dishonest about it and at the very least understand what the numbers are and where they come from. Furthemore you state that residents should ask for a "financial account"...they already have access to that information as it is all public record in the Towns CAFR (Comprehensive Annual Financial Report)
      • Do the math
        11 mill + land for town hall development 1.5 mill to Meyer Najem 800,000 to VoxLuxum 6 mill and land for this parking garage Total 19.3 mill plus valuable real estate given away. Scott Fadness stated the town had a 15 mill surplus. I have not included all the additional money given away such as Launch Fishers. When you just put the total for the projects I have listed Fishers is in the hole for 4.3 mill. Where is all of this money coming from? Mark Fasel Fishers Building Commissioner has stated 56 new commercial buildings and 5 significant additions, 68 commercial remodels, and 52 tenant finishes in 2013. I must say these stats to me are underwhelming. When I see all the empty retail,warehouse, foreclosed homes and buisness sitting empty it would seem Fishers would barley be breaking even on its tax revenue. I think all residents should be asking and given an account of the total amount Fishers has spent up to this point for these projects. I have come to the conclusion Scott Fadness is using tax dollars to help his buddies (voxluxum) and building his own resume to enhance his future political ambitions. It would be a shame if Fadness's lack of fiscal responsibility hurt the long term economic success of Fishers. Maybe WTHR should do an investigation of Scott Fadness to see if his job numbers to spending are legit.
      • Design Crime
        The designs for those Yeager buildings have all been the "junk food" of the architecture world. If this building follows suit, the building will look ridiculous the day they cut the ribbon and even more so in 10 years. It makes me shudder to think that one of those hideous "cartoon buildings" could be on 116th Street, right in downtown Fishers. Somebody please intervene!
      • Traffic
        "Parking is a key component in town leaders’ effort to build a bustling downtown that will draw residents and businesses alike, creating an identity for the community and diversifying its tax base." I hope they are also thinking about traffic because 116th is already a nightmare.
      • Yes do the math
        Read the article again and do the math. the 11 million is for another project. This one is a small piece of property and 6 million. The City is getting parking for this as well as much tax revenue for jobs, sales etc. DO THE MATH
      • Do the math
        They are investing 17.5 mil. there is 11 mil in tax benefits (for the rich) and a 6 mil garage HMM, are they only spending .5 million? If so, I need to get on this gravy train. (whadda u bet there are other government "incentives" here.
        • Toon Town
          Hopefully this building will not be of the "toon town" variety Yeager is known for building. Their building in downtown Noblesville is an eyesore and the one off of Greenfield Pike and 37 looks ridiculous. Hopefully Fishers will have some standards they must follow.

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        1. I had read earlier this spring that Noodles & Co was going to open in the Fishers Marketplace (which is SR 37 and 131st St, not 141st St, just FYI). Any word on that? Also, do you happen to know what is being built in Carmel at Pennsylvania and Old Meridian? May just be an office building but I'm not sure.

        2. I'm sorry, but you are flat out wrong. There are few tracks in the world with the history of IMS and probably NO OTHER as widely known and recognized. I don't care what you think about the stat of Indy Car racing, these are pretty hard things to dispute.

        3. Also wondering if there is an update on the Brockway Pub-Danny Boy restaurant/taproom that was planned for the village as well?

        4. Why does the majority get to trample on the rights of the minority? You do realize that banning gay marriage does not rid the world of gay people, right? They are still going to be around and they are still going to continue to exist. The best way to get it all out of the spotlight? LEGALIZE IT! If gay marriage is legal, they will get to stop trying to push for it and you will get to stop seeing it all over the news. Why do Christians get to decide what is moral?? Why do you get to push your religion on others? How would legalizing gay marriage expose their lifestyle to your children? By the way, their lifestyle is going to continue whether gay marriage is legalized or not. It's been legal in Canada for quite a while now and they seem to be doing just fine. What about actual rules handed down by God? What about not working on Sundays? What about obeying your parents? What about adultery? These are in the 10 Commandments, the most important of God's rules. Yet they are all perfectly legal. What about divorce? Only God is allowed to dissolve a marriage so why don't you work hard to get divorce banned? Why do you get to pick and choose the parts of the Bible you care about?

        5. Look at the bright side. With the new Lowe's call center, that means 1000 jobs at $10 bucks an hour. IMS has to be drooling over all that disposable income. If those employees can save all their extra money after bills, in five years they can go to the race LIVE. Can you say attendance boost?

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