The Fishers City Council unanimously approved an agreement with 96th Street Investors on a $98 million, 82-acre mixed-use project proposed at the northwest corner of 96th Street and Allisonville Road.
CRG Residential, a Carmel-based development company, purchased the property and plans to construct 380 market-rate apartments, 66 for-sale townhomes and four retail out lots totaling 35,000 square feet. It also plans to replace the Michigan-left turn at Allisonville Road and 96th Street with a roundabout.
CRG Residential is donating 25 acres of the property to the City of Fishers to add to the White River Park proposed along the west side of the development. The donation increases the park land to 123 acres.
“We really are excited to see the transformation that takes place,” Fishers Director of Economic and Community Development Megan Baumgartner said.
Baumgartner said the proposal fits the city’s comprehensive plan, which went through its five-year update last year. Areas in the 96th Street and Allisonville Road intersection were designated for retail, mixed-use, attached residential, parks and open space.
“We feel this concept that CRG is proposing aligns really well with that,” Baumgartner said. “It preserves this great amenity along the White River, and I think it’s going to be an incredible project for our community.”
The agreement is for bond financing, which includes $23 million in developer-guaranteed bonds over a term of 25 years for land and infrastructure. The agreement grants $1.8 million in park impact fees and $860,000 in road impact fees to the developer, since CRG Residential is donating park land and also is constructing a road through the development. The sewer fee, roughly $900,000, will be waived.
Council member Jocelyn Vare wanted to know how citizens in the area were engaged with the project. She said she expects comment opportunities for the public to contribute ideas for the riverfront park, noting that the comprehensive plan had opportunities for public comment.
“It is a transformative project,” Baumgartner said. “Residents who would be impacted by the rezone would get notified, but I think standard to a normal large development, I don’t think the developer intends to do additional outreach.”
Council member Cecilia Coble is confident the project will spur future developments along the Allisonville Road corridor.
“It is the entrance to Fishers coming north on 96th Street,” Coble said. “I hope that will be the catalyst that will help to drive redevelopment and revitalization to that whole Allisonville corridor going north.”
“We are excited about the opportunity to invest in this important corridor of the city and to enhance its value to the community,” CRG President and Fishers resident Christopher Reid stated. “There are so many dynamic pieces to this development, particularly the park and greenspace along the White River which will provide access to the overall community. We look forward to working with city officials, councilors, key partners and the community to develop a project that instills pride in the community.”
For more, visit fishers.in.us.