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Fishers, Town Center developer part ways

November 6, 2008

A proposed $100 million redevelopment project in downtown Fishers has come to at least a temporarily halt.

The town and Cleveland-based Fairmount Properties LLC issued a joint statement yesterday saying they have agreed to end the agreement, which was signed in November of last year.

Fishers was unwilling to use eminent domain to acquire properties needed to launch the project, Fairmount said. The distressed economy and credit markets also factored into its decision, the company said.

The parties envisioned integrating the municipal complex and existing downtown as a mixed-use area involving shopping, dining, residences and recreation. The development was aimed at young professionals and empty-nesters.

Fishers said it will move ahead with redevelopment by seeking input from residents and business owners.

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