Indy developer planning 314 houses near Geist

A 314-lot neighborhood catering to young families and empty nesters near Geist Reservoir could be ready to welcome residents by fall of next year.

Indianapolis-based Platinum Properties Management Co. LLC is requesting that the city of Fishers rezone roughly 158 acres near the intersection of Southeastern Parkway and 113th Street, just south of Hamilton Southeastern middle school, to allow for single-family homes. Platinum Properties President Paul Rioux told IBJ the Grantham neighborhood would feature large lots, porches and a system of walking paths through more than 30 acres of preserved woodland.

“We’re excited about it,” Rioux said. “It’s north of Geist Reservoir—not on the water—but it has got some great ravines and woods to it.”

Rioux’s proposal was originally scheduled for review at Monday’s Fishers City Council meeting, but an inability to conduct neighborhood meetings due to the pandemic has tabled the issue for one month. Despite the setback, Rioux said it’s his plan to get Grantham approved by the end of the summer so workers can start construction and deliver the entire project by fall 2021.

If his development plan is approved, Rioux expects to divide Grantham into three districts of single-family houses or duplexes across the property.

On the northernmost side of the property, near the Whelchel Springs neighborhood, he said there will be a collection of three- to four-bedroom houses that would sell for between $375,000 to $450,ooo. A second district with the same bedroom counts but in a larger format would be built on the southwestern portion of the property. Rioux expects those units to sell for between $450,000 and $550,000.

The third district, along Southeastern Parkway, has the greatest potential for variation. Rioux is planning for two- and three-bedrooms houses in that district to serve empty nesters. Those houses, which would be a mix of single family and duplexes, would be priced between $300,000 and $350,000.

“It’s a good sweet spot in Fishers that hits different markets,” Rioux said.

Platinum Properties is under contract to purchase the land pending the rezone. Rioux said there’s a large residential estate and a few 1960s-era houses on the property that will be demolished before construction can start. Rioux did not provide a cost estimate for the project.

“I think it will be a welcome addition to an already great community,” Rioux said.

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7 thoughts on “Indy developer planning 314 houses near Geist

    1. Totally agree Peggy. The houses will probably have minima character, look worn in 10 years, have few trees planted throughout, and be another classic cookie-cutter subdivision this city loves to approve.

  1. Yes build the pizzerias and they will come. Keep up the good job Mayor Scotty Mcfadness bringing more customers for all the pizzerias in Fishers! Keep bringing the pizza Scotty!

  2. I wouldn’t be so quick to build a bunch of houses until we see what the real estate market is going to do. People aren’t going to move up to a nicer/newer home if they can’t sell their current home. The ripple effect begins at the lowest level of the housing market.

  3. They are building homes because there are not enough homes for sale. There will not be a problem selling their current home. If you know of anyone who needs to sell, I’d be glad to talk to them. The market is amazing. I’m not saying everyone has to like the new subdivisions, but they are coming and they will sell. Bob Chambers, F.C. Tucker 317-728-6832

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