$157M Development to be Anchored by First Internet Bank

$157M Development to be 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. Browning’s engagement provides for a coordinated delivery of all projects and the associated mix of uses on both sides of 116th Street.

The development follows the master plan for the Nickel Plate District’s downtown vision. 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 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.

“We had a unique opportunity in downtown Fishers to bridge our past, with institutions such as Archer’s and Nickel Plate Bar and Grill, with our vision for the future,” remarked Fishers Mayor Scott Fadness. “Jamie Browning and team took that opportunity and delivered a great vision for the future of our vibrant downtown.”

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. First Internet Bank has a long history of trailblazing an otherwise traditional industry since its founding in 1999. The firm has received numerous accolades at the local, state and national level for its services and workplace environment. 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. First Internet Bank currently employs just under 200 at its existing Fishers headquarters.

“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. “And the fact that Fishers is known for being a smart, entrepreneurial city is a terrific complement to our brand and our award-winning corporate culture.”

“We are fortunate in that we continue to have opportunities to grow the momentum downtown is experiencing right now,” said Fadness. “To have a Fishers-grown business, First Internet Bank, be a component of this landmark project brings our vision closer to completion,” said Fadness. “David Becker has been a trailblazer in the tech industry for years and continues to build on our vision for a smart, vibrant, and entrepreneurial city, and we are lucky to have him and the entire First Internet Bank family continue to be part of Fishers’ future.”

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 project is scheduled for completion by fall 2021.

The City of Fishers will propose support for the project to the Fishers City Council at the December City Council meeting. 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 from 7 a.m. to 6 p.m. Monday through Friday for tenants. Public, unreserved spaces will be available for retail parking during hours of operation. Additional incentives to be presented at the City Council meeting include fee waivers, land costs and transfer of two City-owned parcels to First Internet Bank, and hardscape investments. In the event the project does not proceed, all land will transfer back to the City of Fishers.

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