The Fishers’ entrepreneurial city took another step forward today with the announcement of a proposed development featuring a culinary and entertainment center. The development, called The Yard, is a private investment of at least $40 million planned for the southeast corner of 116th Street and IKEA Way.
“One of the things I hear the most from our Fishers residents is the desire for more local food and entertainment options,” said Mayor Scott Fadness. “An investment in a culinary-hub of amenities is a crucial component to attracting top-talent and retaining a thriving entrepreneurial culture. This development will serve the companies located in the budding corporate corridor as well as the residents of our community.”
Proposed on 17 acres by Thompson Thrift Retail Group, the culinary and entertainment center intends to attract first-class amenities and local culinary entrepreneurs to Fishers. The development plans to house a collective of 10-12 individual concepts; however the exact site-plan may shift depending on demand in the area.
In the heart of the development, situated on an acre of greenspace, a shared culinary center will foster the advancement of the culinary arts and entrepreneurship in the greater-Fishers area. The city will master lease two 1,500 square feet buildings to be used as a culinary and/or restaurant accelerator. While details on the accelerator effort are still being finalized, Mayor Fadness has asked the Indiana Restaurant and Lodging Association to assist in the concept development to ensure the endeavor meets the needs of the industry.
“Recently Central Indiana has been prominently recognized, nationally and internationally, as a culinary destination. We are pleased that Mayor Fadness and the Fishers leadership have allowed the hospitality industry to play a key role in this creative collaboration,” said Patrick Tamm, President and CEO of the Indiana Restaurant & Lodging Association. "We look forward to continuing our work with the city in creating a unique venue that allows the continued growth and innovation in the culinary industry while building a destination that foodies, families, and all will enjoy."
“The culinary accelerator concept demonstrates that our ecosystem cultivates innovation across different industries,” added Mayor Fadness. “I look forward to collaborating with the restaurant industry’s ‘culipreneurs’ on this concept as it comes to fruition.”
On Monday (12/19), the Fishers City Council will consider an economic development agreement with Thompson Thrift Retail Group for the project. The agreement includes the establishment of a TIF district consisting of the parcels—previously unincorporated—associated with this project and issue economic development bonds of which the proceeds will be available to the developer. The amount of the bond will be driven from the assessed value created by the project and is anticipated to be approximately $7 million. The agreement also includes the waiver of impact fees.
“We believe this site offers the opportunity to develop a truly unique project,” said Ashlee Boyd, Managing Partner of Thompson Thrift. “We are very excited to partner with the city to create an entertainment and culinary destination that will be a lasting asset to the City of Fishers and surrounding communities.”
Concept Plan A