IBJNews

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.”

ADVERTISEMENT

  • 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

    COMMENTS POLICY
    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
    ADVERTISEMENT

    facebook - twitter on Facebook & Twitter

    Follow on TwitterFollow IBJ on Facebook:
    Follow on TwitterFollow IBJ's Tweets on these topics:
     
    Subscribe to IBJ
    1. John, unfortunately CTRWD wants to put the tank(s) right next to a nature preserve and at the southern entrance to Carmel off of Keystone. Not exactly the kind of message you want to send to residents and visitors (come see our tanks as you enter our city and we build stuff in nature preserves...

    2. 85 feet for an ambitious project? I could shoot ej*culate farther than that.

    3. I tried, can't take it anymore. Untill Katz is replaced I can't listen anymore.

    4. Perhaps, but they've had a very active program to reduce rainwater/sump pump inflows for a number of years. But you are correct that controlling these peak flows will require spending more money - surge tanks, lines or removing storm water inflow at the source.

    5. All sewage goes to the Carmel treatment plant on the White River at 96th St. Rainfall should not affect sewage flows, but somehow it does - and the increased rate is more than the plant can handle a few times each year. One big source is typically homeowners who have their sump pumps connect into the sanitary sewer line rather than to the storm sewer line or yard. So we (Carmel and Clay Twp) need someway to hold the excess flow for a few days until the plant can process this material. Carmel wants the surge tank located at the treatment plant but than means an expensive underground line has to be installed through residential areas while CTRWD wants the surge tank located further 'upstream' from the treatment plant which costs less. Either solution works from an environmental control perspective. The less expensive solution means some people would likely have an unsightly tank near them. Carmel wants the more expensive solution - surprise!

    ADVERTISEMENT