FISHERS, Ind. (WISH) - There was a ceremonial groundbreaking for a new development in Fishers Thursday.
Fishers is getting ready to build what the town calls The Depot.
The $42 million development will offer 240 luxury apartments, 16,000 square feet of retail space and a parking garage on 116th Street.
"The ground that you stand upon today brought in zero tax revenue to the Town of Fishers,” Fishers Town Manager Scott Fadness said. “We are now going to have $40 million of assessed value on this ground for the long term, for the next generation."
The developers say The Depot will help establish a sense of downtown for Fishers and much-needed business.
“We need to drive more businesses to Fishers to counter the large amount of residential growth we have here. In order to do that, we have to attract that new generation of best and brightest and they're looking for these types of amenities,” said Fadness.
Leaders believe it will attract young professionals who might not have considered Fishers without such a complex.
“I think you're going to see the 25 to 35-year-old professional that wants to live there but we also have an awful lot of people who are empty nesters now who maybe don't need the 4,000 square foot home but they still love this community and they want to be around a lot of activity and walkability,” said Fadness.
Portions of the The Depot are expected to be up and running by this time next year, the rest by the following Spring.
UPDATE 4:32 A.M.: A winter weather advisory remains in effect until 7 a.m. Monday.
Two men were arrested overnight after police say they stole a car and led officers on a chase.
Fire officials say a civilian medic was injured early Monday morning in a house fire.