Thompson Thrift Retail Group now has firmer plans for developing land adjacent to The Yard at Fishers District as the project moves forward in the zoning process.
The developer responsible for The Yard has asked the city to rezone about nine acres of land along East 116th Street between The Yard and the Kroger at the corner of 116th Street and Cumberland Road for a project that would include 50 townhomes, a hotel and office and retail space.
The rezoning plan received a favorable recommendation from the Fishers Plan Commission on Wednesday night and moves to the city council for final approval.
Last month, Thompson Thrift representatives told IBJ that the company was still evaluating best uses for the land. A packet submitted to city officials in anticipation of the plan commission meeting includes more details about Thompson Thrift’s plans.
The project, called The Stations at Fishers District, would include 70,000 square feet of office, 10,000 square feet of retail, a hotel and townhouses ranging from $275,000 to $350,000.
Additionally, the project would a provide a "boulevard-like connection" between Ikea Way and Cumberland Road, alleviating some traffic on 116th Street.
The land would be developed into two areas: commercial and residential. The commercial area would have three buildings, including the hotel.
The residential area would have 11 buildings, each with four or five units.
The rezoning would change the zoning from planned unit development commercial to planned unit development mixed.
A portion of the land—about 1.6 acres—was previously targeted for development by KLC Realty LLC, which had originally filed plans to construct two retail and office buildings at the southeast corner of 116thStreet and Lynn Drive. (The Yard has been staked out east of the Ikea at 116th Street's intersection with Interstate 69.)
KLC Realty in 2017 requested the land be rezoned from residential to a commercial planned unit development and dubbed the project The Stations at Fishers District.
Construction on that project never took off, and recently Thompson Thrift Retail Group acquired the property from KLC Realty. Thompson Thrift has the project’s remaining acreage, currently owned by Sunbeam Development, under contract.
Thompson Thrift officials previously told IBJ construction on the project could begin as soon as this summer.