The area of 96th Street and Allisonville Road, on the far south end of Fishers, has seen a number of stops and starts in development over the years. The recent announcement of the city’s purchase of land there along the White River provided the possibility of future development. For CRG Properties, the future is now.
Thursday afternoon, the City of Fishers announced a $98 million CRG Residential mixed-use development at the northwest corner of 96th Street and Allisonville Road. This project is expected to include multi-family housing, townhomes, and commercial retail space, situated next to the recently announced 98-acre parkland to the west. The City of Fishers, in close partnership with CRG, also announced the reconstruction of the Michigan Left intersection at 96th & Allisonville into a roundabout.
CRG Residential is committing to a land donation required for the roundabout and an additional 25 acres of non-floodplain 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,” said Fishers Mayor Scott Fadness in a city news release. “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.”
This CRG development plan includes 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.
“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.”
The Fishers City Council will vote on a project agreement with CRG at the February 21st meeting. The council will consider allowing CRG to use Tax Increment Financing, utilizing the property taxes generated as collateral on the bonds to finance the project. The $23 million bond will be developer debt, with the city holding no liability on the 25-year bond payments, according to city officials. The bond will fund land and infrastructure costs.