The Town of Fishers in the US has unveiled a plan to develop a $33m mixed-use project on the north side of 116th Street, west of Municipal Drive.
The ‘pedestrian oriented’ mixed-use development is scheduled to break ground in mid-2013, with expected completion by early 2015.
Town of Fishers has selected Flaherty & Collins Properties to develop the first mixed use project in the downtown area, out of six proposals presented.
Fishers Town Council member David George said, "For many years, Fishers residents have expressed their desire to have a vibrant, walkable downtown."
Spread across 3.4 acres, the mixed-use development will feature 203 luxury apartments and 25,000ft² of restaurant and retail space, which will be built along 116th Street and Municipal Drive.
The project will also include development of a four-storey parking garage featuring 400 parking spaces.
Flaherty & Collins president Dave Flaherty said: "Offering an upscale blend of residential and retail uses, the project will provide what suburban residents have long asked for: a pedestrian-friendly downtown where people can live, shop, dine and be entertained."
Flaherty & Collins Properties will present the final proposal to the Fishers Town Council and redevelopment commission later this year.
Town of Fishers community development director Tom Dickey said that the town is going to finalise a development agreement with Flaherty & Collins under which the town would commit tax increment financing (TIF) revenues to fund a portion of the project.
"The overwhelming majority of funds to support the project will come from new property taxes paid by Flaherty & Collins, with the remainder coming from other projects in the TIF area," Dickey said.
The development is part of the US town’s economic development strategy adopted in 2011 under Fishers Advantage.
In October 2012, the town completed the Nickel Plate Amphitheater and trail in downtown and plans to open its new co-working space, Launch Fishers, later this month.