Fishers Marketplace gets new life under Thompson Thrift

Back to TopCommentsE-mailPrintBookmark and Share

A high-end apartment project and neighborhood retail center are scheduled to break ground soon as the first components of the retooled Fishers Marketplace development at State Road 37 and 131st Street.

Terre Haute-based Thompson Thrift is master developer for the 104-acre, mixed-use project, which is being built on land owned by Old National Bank. Until a few months ago, ownership of the site had been split between Evansville-based Old National and Fifth Third Bank, based in Cincinnati.

The consolidation of ownership has allowed Thompson Thrift to crank up efforts to get the project rolling following false starts by other developers prior to the recession.

“We’re focused on establishing an identity for the project,” said Ashlee Boyd, senior vice president at Thompson Thrift, who noted that market conditions are still very challenging.

“It’s taken us awhile to lock onto something that is viable in today’s marketplace,” Boyd said.

Thompson has been focused on improving the site by installing storm and sanitary sewers and building Parkside Drive, the main road through the complex. Parkside Drive, which is about 80 percent complete, starts at 131st Street and runs north before turning toward State Road 37, where traffic signals are being installed.

The entry points will help market the project, Boyd said. The developer is working with New York-based Create Architecture Planning & Design to give the complex a distinct, upscale look, he said.  

The first part of Fishers Marketplace to come out of the ground should be Addison Landing at Fishers Marketplace, a 294-unit complex of one- to three-bedroom apartments being developed on 17 acres by locally based Rookwood Builders. Construction of the $25 million project should start before the end of the year, with completion in the fourth quarter of 2013.

Next up will be a 15,000-square-foot neighborhood retail center Thompson Thrift is developing, with groundbreaking anticipated next spring. The retail center will likely be the first component of the so-called Market District at Fishers Marketplace, which Boyd said could include 60,000 to 65,000 of additional retail space, including a retail anchor and several outlots. The entire retail area is expected to represent an investment of between $13 million and $15 million. 

Thompson Thrift’s bigger-picture goal is to secure a tenant for the development’s 60-acre Entertainment District, which at one time was to be anchored by a water park and a 244-room Wyndham Hotel. That $80 million project by Indianapolis-based Puller Group never got off the ground and the property was foreclosed on in 2010 by Fifth Third Bank.

Puller Group had purchased the land from local developer Skojdt Thomas, which bought the entire 104 acres in 2005 for about $16 million intending to replace Britton Golf Course. Skojdt Thomas saw the land as too valuable for a golf course, but wasn’t able to redevelop its half of the site and ultimately lost it to Old National.

Bill Flanary, a senior vice president in the land group at Cassidy Turley, agrees the site seems ripe for development.

One of the challenges of the site is that it isn’t very deep west to east, Flanary said. But the long frontage along SR 37 means there is a lot of potential for outlots.

Speaking of the surrounding area, Flanary said “it’s got too much traffic and too many houses not to work for someone.”


  • Do your homework
    Apartments generate significant property taxes...way more per/acre than single-family and more than most industrial development. Check with HSE schools to find out what impact apartment have on the local schools. I don't know what it is now, but under Dr. Charles Leonard, the school corporation researched the issue and found that apartments in the school district produced an average of fewer than .1 students/apartment. That WILL produce students, but at a far lower rate than many people assume.
  • Tax Collections
    Unfortunately apartment complexes are some of the largest property tax payers which makes them appealing to municipalities. Another point is that multi family was approved for this site many many years ago.
  • just what we need (NOT!)
    More apartments?! Come on Fishers Zoning Commission ... can't we give the school system and the lacking traffic infrastruture a break? More non-property tax paying citizens is not the answer. Developing a business base is one thing but you just HAVE to throw in apartments don't you??

    Post a comment to this story

    We reserve the right to remove any post that we feel is obscene, profane, vulgar, racist, sexually explicit, abusive, or hateful.
    You are legally responsible for what you post and your anonymity is not guaranteed.
    Posts that insult, defame, threaten, harass or abuse other readers or people mentioned in IBJ editorial content are also subject to removal. Please respect the privacy of individuals and refrain from posting personal information.
    No solicitations, spamming or advertisements are allowed. Readers may post links to other informational websites that are relevant to the topic at hand, but please do not link to objectionable material.
    We may remove messages that are unrelated to the topic, encourage illegal activity, use all capital letters or are unreadable.

    Messages that are flagged by readers as objectionable will be reviewed and may or may not be removed. Please do not flag a post simply because you disagree with it.

    Sponsored by

    facebook - twitter on Facebook & Twitter

    Follow on TwitterFollow IBJ on Facebook:
    Follow on TwitterFollow IBJ's Tweets on these topics:
    Subscribe to IBJ
    1. Of what value is selling alcoholic beverages to State Fair patrons when there are many families with children attending. Is this the message we want to give children attending and participating in the Fair, another venue with alooholic consumption onsite. Is this to promote beer and wine production in the state which are great for the breweries and wineries, but where does this end up 10-15 years from now, lots more drinkers for the alcoholic contents. If these drinks are so important, why not remove the alcohol content and the flavor and drink itself similar to soft drinks would be the novelty, not the alcoholic content and its affects on the drinker. There is no social or material benefit from drinking alcoholic beverages, mostly people want to get slightly or highly drunk.

    2. I did;nt know anyone in Indiana could count- WHY did they NOT SAY just HOW this would be enforced? Because it WON;T! NOW- with that said- BIG BROTHER is ALIVE in this Article-why take any comment if it won't appease YOU PEOPLE- that's NOT American- with EVERYTHING you indicated is NOT said-I can see WHY it say's o Comments- YOU are COMMIES- BIG BROTHER and most likely- voted for Obama!

    3. In Europe there are schools for hairdressing but you don't get a license afterwards but you are required to assist in turkey and Italy its 7 years in japan it's 10 years England 2 so these people who assist know how to do hair their not just anybody and if your an owner and you hire someone with no experience then ur an idiot I've known stylist from different countries with no license but they are professional clean and safe they have no license but they have experience a license doesn't mean anything look at all the bad hairdressers in the world that have fried peoples hair okay but they have a license doesn't make them a professional at their job I think they should get rid of it because stateboard robs stylist and owners and they fine you for the dumbest f***ing things oh ur license isn't displayed 100$ oh ur wearing open toe shoes fine, oh there's ONE HAIR IN UR BRUSH that's a fine it's like really? So I think they need to go or ease up on their regulations because their too strict

    4. Exciting times in Carmel.

    5. Twenty years ago when we moved to Indy I was a stay at home mom and knew not very many people.WIBC was my family and friends for the most part. It was informative, civil, and humerous with Dave the KING. Terri, Jeff, Stever, Big Joe, Matt, Pat and Crumie. I loved them all, and they seemed to love each other. I didn't mind Greg Garrison, but I was not a Rush fan. NOW I can't stand Chicks and all their giggly opinions. Tony Katz is to abrasive that early in the morning(or really any time). I will tune in on Saturday morning for the usual fun and priceless information from Pat and Crumie, mornings it will be 90.1