The Indianapolis suburb of Fishers, Indiana, is about to get another development boost in the form of a mixed-use project known as The Yard.
A private investment of at least $40 million is planned for the development at the southeast corner of 116th Street and Ikea Way in the heart of Fishers.
Mayor Scott Fadness said the development will be a welcome one for city residents because of its mix of food and entertainment offerings.
“An investment in a culinary hub of amenities is a crucial component to attracting top talent and retaining a thriving entrepreneurial culture,” Fadness said in a written statement. “This development will serve the companies located in the budding corporate corridor as well as the residents of our community.”
Proposed for 17 acres by Thompson Thrift Retail Group, plans call for a collective of 10 to 12 different concepts.
A shared culinary center will sit in the heart of the development, on an acre of green space. The city will master lease two 1,500-square-foot buildings to be used as a culinary and/or restaurant accelerator. The Indiana Restaurant and Lodging Association will assist in the development.
“Recently, Central Indiana has been prominently recognized, nationally and internationally, as a culinary destination,” said Patrick Tamm, president and chief executive officer of the Indiana Restaurant & Lodging Association. “We look forward to continuing our work with the city in creating a unique venue that allows the continued growth and innovation in the culinary industry while building a destinatin that foodies, families and all will enjoy.”
An agreement with the Fishers City Council includes a TIF district and the issuance of economic-development bonds of which the proceeds will be available to the developer. The amount of the bond is anticipated to be about $7 million. The agreement also calls for the waiver of impact fees.