FISHERS, Ind. — Leaders with the City of Fishers have unanimously approved a mixed housing development along Nickel Plate Trail.
The project comes with a price tag of $75 million.
The triangular lot in the heart of downtown Fishers will soon be home to dozens of new housing units along the Nickel Plate Trail.
“The biggest thing will be having almost 150 units for sale. That will be the biggest number of condos or townhome products for sale anywhere along the trail,” said Ginovus Executive Managing Director Larry Gigerich.
Village Holdings Group is planning to build a four-story building with 87 apartments, 41 four-story townhomes, and two six-story buildings with a total of 101 condominiums.
“It has been an ongoing conversation for almost two years,” said Mayor Scott Fadness.
But the land still has to be annexed into Fishers.
“This particular triangle of 16 properties, although surrounded on all sides by Fishers, has not technically been in city limits,” said Fadness.
The city is assisting with $16.1 million in the form of tax-increment financing bonds.
“The city has agreed to provide the new property taxes generated by the developer and issue a bond the developer has purchased. So they will take all the risk, the developer,” said Gigerich.
The construction will start as soon as this summer.
“The first building will be done next year in 2024, and all the buildings on the entire development will be done by 2026,” said Gigerich.
Those involved say the architecture will elevate the bar for the city between the green spaces on the property and rooftop terraces.
“The rental price will be anywhere from $1,400 per month to about $3,000 per month for the largest apartment units. The condos and townhomes will range from about $600,000 to $1 million,” said Gigerich.
Another bonus for residents: easier access to the Nickel Plate Trail.
Mayor Fadness said the city did extensive research to best decide what should be placed in the last open plot of land in the heart of downtown.