Planned condo, commercial development for 116th Street near City Hall will not happen

LarryInFishers.com
(L-R) Dawn Lang, Megan Baumgartner & Brad Johnson

In August, 2022, the City of Fishers, property owner Mike Alboher and Birkla Investment Group announced a $35 million project that would include a 5-story commercial, office and condominium building at 8603 116th Street, just south of the Municipal Complex.  The condos were projected to sell for as much as $1 million.

The Fishers Redevelopment Commission unanimously approved a lease-purchase agreement on that property Wednesday, preserving the spot for future development.

According to Fishers Economic Development Director Megan Baumgartner, Alboher and the developer say this project is “not the right path for a variety of different reasons,” with the two parties deciding to go in separate directions.  According to Baumgartner,   Alboher did not want to start over with this process.  He asked the city to release the property.

The arrangement approved by the Redevelopment Commission Wednesday calls for the city to pay Alboher, the property owner, $300,000 per year as a lease payment that will be applied to the total principle amount of $7.25 million, for up to a three-year period.  At the end of the three years, the city has a commitment to purchase the property.

During the three-year period, the city has the right to terminate the lease with a $4 million payment, which would also be applied to the $7.25 million principle amount.  Baumgartner told the commission the goal is not for the city to own the property, but to allow time to work with Alboher and have the “right development” for that land.

Bottom line, the project announced in August of 2022 is no longer in place and the city is trying to hold the property open for a future development in line with the mayor’s vision for that area of downtown Fishers.

City officials also say property owner Mike Alboher continues to work with Fishers on developing this property in a “transformational” way as a mixed-use development.

(Note:  This story was updated at 7:30pm 7/31/2024 to include comments from the city that work continues with the property owner to develop the land as a mixed use development.)