Alboher Development Co. and Birkla Investment Group LLC announced Aug. 5 their proposal to build a five-story building at 116th Street and Municipal Drive near the new Nickel Plate Trail.
The development will feature 36 condominiums that will sell for between $600,000 and $1 million. There will also be a parking garage and 23,000 square feet of commercial and office space.
“The REV development provides us with a unique opportunity to diversify the housing market in Fishers,” Fishers Mayor Scott Fadness stated. “These condos will offer residents all the benefits of downtown living, but also an opportunity to build equity during a time when real estate options are limited. Combined with its emphasis on sustainability and the additional retail opportunities it will provide our community, the REV building is the perfect addition to our downtown cultural district.”
The project will cost $35 million and is the first new development announced along the downtown area of the Nickel Plate Trail.
“Having owned this property since 1986, I have seen dramatic changes to Fishers,” stated Mike Alboher, president of Alboher Development. “We believe this development perfectly fits the advancing evolution of our downtown area, filling both housing and retail needs.”
The Fishers City Council will vote on the project proposal at its 7 p.m. Aug. 15 meeting at Launch Fishers.