New Mixed-Use Development, 85 Residential Units / 5 Office Suites, Fishers, IN
Property:
The project will be anchored by a beautiful 4-story mixed-use building with 20,529sf of Class-A commercial space that is 80% pre-leased, 4 smaller business suites (5,021sf), a fitness center, rooftop patio, rooftop café lounge, shared conference room, and an engaging civic plaza and courtyard with BBQ grill, firepit, and a water feature. The village will have a total of 85 1BR and 2BR apartments, all with large balconies or patios, quartz counters, stainless steel appliances, and more.
Strategy:
We negotiated a public-private partnership with the city of Fishers, IN. The city has approved a $9,400,000 bond (public funding) for the development. The City of Fishers is raising a bond to be invested as grant, and the first dollars spent, in our District South Project. We do not have to repay this grant. In return we've agreed to build lower density and to include some small office suites that are in high demand due to the continued growth of small businesses in the area.
Highlights:
Fishers is located in the fastest growing county in Indiana
Strong local demand for both apartments and smaller office space
Fantastic risk-adjusted returns with the city investing the first $9.4MM
Experienced local development partner with an excellent track record
80% of the commercial spaces are already pre-leased
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