The Fishers Redevelopment Commission received two bids for a half-acre site in the Nickel Plate District and rejected both this week.
The city would not release information on either bid, saying the redevelopment commission is still negotiating with bidders so the submissions are confidential.
Wayne Crane, president of the redevelopment commission, said the issue with both proposals were the requested incentives.
"They were both good proposals. I would put them in line with where the vision is," Crane said. "We couldn't make the economics work."
When the city advertised the request in May, it specified the desire for a new two- or three-story building with a minimum footprint of 8,000 square feet. The property at 11671 Lantern Road is currently a temporary parking lot.
The RFP said the project should include first floor commercial and upper level residential or commercial space and that “special consideration” will be given to projects that already have support or interest from prospective tenants.
The city’s priorities for the land on the northeast corner of North Street and Lantern Road include having construction start in 2015 and be completed in 2016, but there is no timeline for finalizing a deal.
"Our hope is sooner rather than later," Crane said, mentioning he expects more information to come forward within the next 60-90 days.
There has been more than $100 million invested publicly and privately in downtown Fishers since 2013, according to city documents.