$98M project includes turning Michigan Left at 96th, Allisonville into roundabout
FISHERS, Ind. (The Hamilton County Reporter) — CRG Residential has announced a $98 million mixed-use project at the northwest corner of 96th Street and Allisonville Road in Fishers.
The project will include multifamily homes, townhomes, and commercial retail space situated next to the recently announced 98-acre parkland to the west.
Real estate brokers define a multifamily home a a residential property with more than one housing unit, including duplexes, townhomes or apartments.
The city of Fishers, in close partnership with CRG, also announced the reconstruction of the Michigan Left intersection into a roundabout.
Additionally, CRG Residential has committed to donate the land required for the roundabout and an additional 25 acres of nonfloodplain land to increase the size of adjacent parkland, totaling 123 acres for the White River passive nature park.
“This project will enhance the southwest corridor of our community in multiple ways,” Fishers Mayor Scott Fadness said. “The new park, and now the additional buffer zone donated by CRG, will serve as a key amenity for our city and region, providing expanded public access to one of our community’s greatest natural assets – the White River. And as we bring the roundabout intersection online, the additional vehicular traffic will be able to better access the local businesses in the area as a gateway to our city.”
The mixed-use development from Carmel-based CRG will include 380 multi-family units, 66 townhomes for sale and 35,000 square-feet of new commercial retail space. It will also include infrastructure improvements to support the city’s new park.
CRG has significant experience with similar public-private partnerships in Indiana, throughout the Midwest and eastern United States. CRG is finishing construction of the Nickel Plate Station in
downtown Fishers as well as projects in Greenwood, Westfield, Evansville, Elkhart, Newport, Ky., West Des Moines, Iowa, and Traverse City, Mich., among others.
“We are excited about the opportunity to invest in this important corridor of the city and to enhance its value to the community,” said CRG President and Fishers resident Christopher Reid. “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.”
At its upcoming meeting on Monday, Feb. 21, the Fishers City Council will consider project agreement approval after hearing from Fishers Economic Development officials and CRG leaders. Their presentation will include more project details and proposed bond financing, which includes $23 million in developer-guaranteed bonds over a term of 25 years for land and infrastructure.