Mixing Things Up

Mixing Things Up

Over the last few months, mixed-use development projects have generated big opportunities for several Indiana financial firms. This has been particularly true in the central region of the state, where three notable projects have presented financial institutions with solid potential for future growth.

 


$157M – Nickel Plate District Development, Anchored by First Internet Bank

Browning Investments, along with City of Fishers’ Mayor Scott Fadness, announced a major downtown development along the north and south sides of 116th Street in the Nickel Plate District. The mixed-use development will feature residential, retail, a high-end boutique hotel, and will be anchored by a six-story office building.

The industrial-inspired campus, bound by Nickel Plate Rail Road, North Street, Maple Street, and South Street, will further establish downtown Fishers as a heavy employment node where residents can live, work, and play in close proximity.

“Browning is thrilled to be the master developer of this truly transformative project,” said John Hirschman, Browning’s president and CEO. “This is a complex in-fill redevelopment spanning a major thoroughfare, and its design and mix of uses reflects years of planning and a commitment to the vision for the City of Fishers.”

The south side of the development will be anchored by a landmark 168,000-square foot, 6-story office building with ground floor retail space alongside a 110-room high-end boutique hotel and a parking garage.

First Internet Bank, currently headquartered in a 52,000-square foot building at 11201 USA Parkway in Fishers, plans to relocate to the office building on the south side of 116th Street. Its parent company, First Internet Bancorp (Nasdaq: INBK), was named to Fortune magazine’s 2018 list of 100 Fastest-Growing Companies – the only Indianapolis-area company to be recognized.

“Locating our company where our employees want to live, work and play is an important factor in our talent strategy,” said David Becker, founder, President and CEO of First Internet Bank.

Fishers Mayor Scott Fadness said, “To have a Fishers-grown business, First Internet Bank, be a component of this landmark project brings our vision closer to completion.”

The north side of the development will be built by Browning and CRG Residential, featuring a 5-story apartment building with 241 units, 10 townhomes, office, and retail units along 116th, North, and Maple Streets, and a public parking garage featuring resident amenities on the roof. The development will incorporate the proposed Nickel Plate Trail and relocate the existing Pocket Park into a plaza gathering space.

The iconic downtown buildings along the north side of 116th Street which are currently home to Nickel Plate Bar & Grill, Roman and Leo, Fishers Barber Shop, the former Vardagen and Sure Shot Coffee store, and State Farm Insurance are to be preserved with the exteriors and landscaping rehabilitated.

Construction is slated to begin spring 2019 with demolition and infrastructure improvements to address drainage and relocate utilities on South Street. Improvements to sidewalks and an extension of South Street from Fishers Point Boulevard to Lantern Road will be incorporated into the project with additional right-turn only lanes to be installed at South Street at Lantern Road and at Lantern Road at 116th Street. The city intends to construct a 750-space public parking garage on the south side and 256-space public parking garage on the north side as part of the development that will include reserved parking.

The project is scheduled for completion by fall 2021.

 


$2.5M – Carmel and PNC Strike Land Deal for First Step of Redevelopment

The city of Carmel and PNC Bank reached an agreement for the Carmel Redevelopment Commission to acquire the bank-owned property at 21 North Range Line Road, which includes five parcels (1.2 acres) at the northeast corner of Range Line and Main Street. The purchase price is expected to be about $2.5 million, the average of two appraisals on the land, and comes with an agreement that the bank will remain a tenant in the future redevelopment.

“This new look will expand opportunities for tourism and generate buzz for our local artisans and small businesses that line Main street in the Carmel Arts & Design District,” said Connie Bond Stuart, PNC regional president for central and southern Indiana.

This latest acquisition of 1.2 acres, combined with almost half an acre of adjacent land owned by the Carmel Redevelopment Commission, allows the City to seek a Request for Proposal from developers interested in partnering on the future redevelopment project. That final site is expected to be 1.8 acres and is likely to include a mix of residential, business, retail opportunities and additional public parking.

The project, which may take several years to complete, will be similar to other public-private partnerships that have brought mixed-use, sustainable and walkable developments along Carmel’s Main Street, Midtown, and city center.

 


$300M – High Alpha Becomes First Tenant in Bottleworks District

Indy-based High Alpha, a venture studio and early-stage venture fund, announced plans to move its corporate headquarters to the Bottleworks District, a $300 million, 12-acre urban mixed-use development on the northeast end of Mass Avenue in Indianapolis. Construction the Bottleworks development project began in summer of 2018.

High Alpha will move its headquarters in summer of 2020, joining the West Elm Hotel, local food makers and vendors at The Garage food hall, restaurateurs, and retailers in this iconic transformation on Mass Ave.

“The Bottleworks project closely aligns with our core values of dreaming big and expecting more,” said Kristian Andersen, partner at High Alpha. “We are thrilled to be affiliated with such a progressive and dynamic mixed-use development.”

The Bottleworks project aims to fuse past and present by reimagining the iconic Coca-Cola building on Mass Avenue in Indianapolis. The largest private development of its kind in Indiana, Bottleworks will serve as a culinary, arts, and entertainment hub, featuring The Garage food hall, and a 150-room West Elm Hotel as well as unique residential options and 175,000 square-feet of prime retail space. Designed in conjunction with RATIO and Eppstein Uhen Architects, the first phase of the transformation is expected to be completed in Spring of 2020, with three additional phases to follow.