by Adriana Pop, Associate Editor
Terre Haute-based Thompson Thrift is set to break ground on the mixed-use Fishers Marketplace redevelopment at State Road 37 and 131st Street. The first phase of the project will include a luxury apartment complex and a retail center, the Indianapolis Business Journal reports.
Construction of the Addison Landing at Fishers Marketplace, a 294-unit high-end apartment complex, is scheduled to begin before the end of the year. The $25 million project will include one- to three-bedroom apartments and will be developed on 17 acres of land owned by locally based Rookwood Builders. New York-based Create Architecture Planning & Design will give the structure a distinct, upscale look, Ashlee Boyd, senior vice president at Thompson Thrift, told the newspaper. The project should be completed by the end of 2013.
Next spring, the developer will also break ground on a 15,000-square-foot neighborhood retail center. The new facility will be the first component of the Market District at Fishers Marketplace, which would eventually include 60,000 to 65,000 square feet of additional retail space. Thompson Thrift is expecting a total investment from $13 million to $15 million.
In other news, Whitsett Group LLC has gained approval from the City of Indianapolis to convert the aging 52,620-square-foot Lawrence Central High School building on East 46th Street into senior housing. According to the Indianapolis Business Journal, the company purchased the 1923 building from the school corporation after submitting a winning bid. The amount of the bid is still unavailable.
Whitsett Group anticipates a total investment of $6.5 million for the construction of a 60-unit complex. The Lawrence City Council is expected to grant final approval on Oct. 15. In order to obtain financing for the project, the locally based developer intends to apply for federal tax credits allocated by the Indiana Housing & Community Development Authority. The application deadline is Nov. 1. Any delay could postpone the credits by a whole year.
Photo credits: www.thompsonthrift.com