The Fishers City Council agreed Monday night to purchase a new building for the city’s fast-growing co-working entrepreneurial program.
The new location for Launch Fishers will triple the space available from 16,000 square feet in the current site in the basement of the Hamilton East Public Library to 51,571 square feet in the building formerly used by Deca Financial Services LLC.
The cost of the property at 12175 Visionary Way is $3.1 million and building improvements could reach an reach estimated $400,000.
Launch Fishers CEO and Founder John Wechsler said the Deca building is already highly suitable for co-working space, with small pods sectioned off and office space already built in. There will continue to be a variety of desks, tables and chairs available for members to use, and there will be at least 18 private office spaces available for an additional monthly cost.
Wechsler said visitors will enter the new Launch Fishers at the cafe, which will be surrounded by work space. There will also be space available for conferences.
At the council meeting, Mayor Scott Fadness said the growth of the program, which was started in fall 2012, has exceeded expectations. Fadness said the goal was to have 200 members by the second year, but membership exceeded 400 at that point. There are now 485 members and a waitlist for private work space.
“It has spurred a tremendous amount of growth,” Fadness said.
Director of Community Development Tom Dickey said there is a “bunch” of business equipment left in the old Deca building, such as computers, desks and other office equipment, that the city negotiated to acquire for $12,500.
The financing for the new building has not been finalized, but using cash reserves is one option being considered. The council will consider the financing for the property in May.
Fadness also mentioned the possibility of capturing new tax dollars if the state allows the area to become a Certified Technology Park. The city’s application for the designation is pending with the Indiana Economic Development Corp.