By Dan Domsic
An opportunity for community input on the mutli-use development planned for 116th Street in front of Firshers Town Hall, 1 Municipal Dr., began last week.
Tom Dickey, director of community development, and other representatives gave a presentation at the Jan. 22 Fishers Town Council meeting on the Fishers Station project – a mixed-use structure that includes single and two bedroom apartments, retail space and a parking garage.
A rezoning ordinance for the area around the municipal complex will go before the Plan Commission on Feb. 12 before coming back to the council for second and third readings.
The development is slated to have 240 apartment units and 430 parking spaces in the garage.
Those spots will be tucked away between retail space adjacent to 116th Street and the apartments on the structure’s north side, according to Randy Schumacher, lead design principal with CSO Architects.
Schumacher said the building’s façade would have the appearance of many buildings that had “grown up together.”
Part of Dickey’s presentation focused on the “public-private partnership” aspects of the project.
“We know for certain that this project, without public investment, would have a return in the five percent range, it would be a little bit lower than that,” he said, “and that is not a return any big banks would lend on…,” Dickey said.
The project’s total cost is estimated around $34 million.
The town is ceding the land to developer Flaherty & Collins Properties at no cost and will not charge impact fees.
In addition, the town is kicking in $10.75 million for the project, with Flaherty and Collins picking up the rest of the tab of about $23.65 million.
Additionally, Dickey said the town would own the garage but lease the residential spaces to the developer at no charge.
Funding will be achieved by issuing a 25-year term bond backed by county option income tax revenues and paid with tax increment funding, according to Dickey.
The town has other parameters Flaherty & Collins must meet.
An economic development agreement with the developer will go before the council in February.