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$130 million Fishers Marketplace Hotel/Mixed Use
Development in Indianapolis, Indiana Fizzles

By Carrie Ritchie, The Indianapolis StarMcClatchy-Tribune Regional News

Oct. 15, 2009--A massive development on Fishers' north side has hit another roadblock.

Old National Bank has foreclosed on half of the 104-acre site at Ind. 37 and 131st Street, the proposed site of Fishers Marketplace, which was to include a water park, hotel, multifamily housing and shops.

The troubled half of the land, along 131st Street on the site's south side, will be auctioned Oct. 22, said Kenneth Puller, who owns the solvent half.

Puller wouldn't say what went wrong with the other half, which was being developed by Skjodt Thomas and Associates. The company could not be reached for comment.

Construction on the $130 million development was to begin this summer, Puller said in April.

Puller said he'll wait to see who buys the property before deciding how to proceed.

He has not approached anyone about buying the land, but said the project would be a good investment. Puller would like to buy the land but doesn't have the money now, he said.

The land needs about $8 million in improvements before it's ready for development, he said.

Fishers is hopeful that someone will come along, said Development Director Wes Bucher.

"We have had some interest shown by various parties," Bucher said. "It's a prime corner, and we remain optimistic that a good development will occur in that area."

Hamilton Southeastern Schools might buy some of the land if the price is right.

Skjodt Thomas and Associates essentially donated about 4 acres at the intersection of 131st Street and Cumberland Road to the district, said HSE Chief Financial Officer Mike Reuter. The district paid $10 for the land, which is adjacent to Fishers Junior High.

The foreclosure won't affect the district's 4 acres because HSE has the deed to the land.

HSE shelved plans to build an administration building for financial reasons.

Though HSE has no immediate plans for that area, it hasn't ruled out the possibility of buying some of the land, Reuter said.


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