Sneak a peek at The Depot mixed-use project in Fishers

September 17, 2013
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Construction fencing is up and trees are coming down in front of Fishers Town Hall in preparation for next month’s groundbreaking on The Depot at Nickel Plate, a mixed-use project that officials hope will launch a wave of downtown redevelopment.The Depot at Nickel Plate rendering

A partnership between the town and Flaherty & Collins Properties, the $42 million project includes 242 luxury apartments, more than 15,000 square feet of retail space and a 430-space parking garage.

Residents should be able to move in beginning in November 2014.

“We are moving forward without any hiccups,” Community Development Director Tom Dickey told members of the town council at a work session Monday night.

He also unveiled a new architectural rendering of the completed project, showing off a rooftop deck overlooking 116th Street that will be accessible to occupants of a two-story residential unit above the retail space. (Click here for a larger view.)

The mostly one- and two-bedroom apartments will average 934 square feet in size and are expected to rent for $949-$1,850, according to promotional material from the Indianapolis-based developer.

No tenants have been announced for the commercial space, but it’s no secret that town leaders are clamoring for a “destination” restaurant to draw residents downtown.

It’s all part of a broader strategy to build a more vibrant community. Fishers has assembled almost a dozen properties east of its municipal complex to encourage additional development, and town leaders say deals are brewing.

Work on The Depot’s parking garage is scheduled to start Oct. 14, and wood framing of the retail area along 116th Street should begin in January. The first phase of apartments is expected to be done in November 2014, with the remainder online by April.

A total of 37 trees were removed for the project, Dickey said, but plans call for 80 to be planted on the site.

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  1. How can any company that has the cash and other assets be allowed to simply foreclose and not pay the debt? Simon, pay the debt and sell the property yourself. Don't just stiff the bank with the loan and require them to find a buyer.

  2. If you only knew....

  3. The proposal is structured in such a way that a private company (who has competitors in the marketplace) has struck a deal to get "financing" through utility ratepayers via IPL. Competitors to BlueIndy are at disadvantage now. The story isn't "how green can we be" but how creative "financing" through captive ratepayers benefits a company whose proposal should sink or float in the competitive marketplace without customer funding. If it was a great idea there would be financing available. IBJ needs to be doing a story on the utility ratemaking piece of this (which is pretty complicated) but instead it suggests that folks are whining about paying for being green.

  4. The facts contained in your post make your position so much more credible than those based on sheer emotion. Thanks for enlightening us.

  5. Please consider a couple of economic realities: First, retail is more consolidated now than it was when malls like this were built. There used to be many department stores. Now, in essence, there is one--Macy's. Right off, you've eliminated the need for multiple anchor stores in malls. And in-line retailers have consolidated or folded or have stopped building new stores because so much of their business is now online. The Limited, for example, Next, malls are closing all over the country, even some of the former gems are now derelict.Times change. And finally, as the income level of any particular area declines, so do the retail offerings. Sad, but true.