At the July 15 Fishers City Council meeting, The Stations development was approved by a 5-3 vote.
Prior to the vote, Economic Development Director Megan Baumgartner provided an overview of the project.
“In 2016, we announced the first phase of what is now The Yard at Fishers District, a $40 million investment focused on retail and the highlight of that was the culinary accelerator. As Thompson Thrift (Retail Group) started looking at potential, they realized there was a missed opportunity for multi-family development and mixed use,” Baumgartner said. “That led to Phase 2, an additional $30 million of investment that included 255 multi-family units and a parking garage.
“Phase 3, The Stations, is a complimentary use to the Fishers District,” Baumgartner added. “It is the land formerly owned by the Reynolds family. The home has been demolished and there are plans for an office building, a hotel and townhomes and some additional retail.”
The Stations is a $20 million project.
“To date, our complete project investment on behalf of Thompson Thrift is up to $90 million,” Baumgartner said. “The project agreement is to offer Thompson Thrift a 100 percent capture of new TIF generated on this site specific to Phase 3.”
Included in The Stations is a 60,000-square-foot office building which Baumgartner said is anticipated to receive lots of interest.
Council member David George brought up concerns he’s voiced in the past about leaving the natural drainage and some of trees instead of eliminating those in the development.
“I think the site works great, the project is great, but I think this particular portion of the site plan is missing an opportunity to leave some drainage and some tress,” George said. “That is what I believe is driving some request for TIF dollars. Leave some drainage and a tree canopy. I think the project will still be a success with some office (space) and a hotel but a different look.”
Council member Cecilia Coble echoed George’s concerns, but a Thompson Thrift representative said it was necessary to remove the trees and fill in the creek to create parking space for the hotel and office building.
The council approved the project 5-3, with George, Coble and Brad DeReamer voting against it.