“We are very excited about this proposal and the possibilities it opens up for the certified tech park,” said Mayor Scott Fadness. “Through this partnership, we will create a campus-like environment that will continue to attract top entrepreneurial talent to our city for years to come.”
Citimark, an Indiana real estate acquisition and development company, plans to invest $32.7 million in a tech campus that will reinvent the certified tech park. The master plan includes the purchase and redevelopment of the former Schwab building on the corner of Technology Lane and Visionary Way, and the opportunity to build an additional 80,000 square feet of office space within the park. Citimark will invest $4.5 million to transform the 12115 building from a 117,000-square-foot call center to a 71,000-square-foot tech-ready office building with a center courtyard and updated exterior. The overall investment also includes the purchase of the Launch Fishers building for $3.1 million.
“The momentum in Fishers has attracted attention from all over the region and we are thrilled to be a part of the next step for this thriving city,” said Matt Carlstedt, Partner and Senior Vice President of Investments for Citimark. “The master plan includes a tech campus with Launch Fishers and the redeveloped building as the anchors, with a plan for additional development in the surrounding open space.”
The area was designated a certified tech park last year with the relocation of Launch Fishers to a 51,000 square feet vacant building. Infrastructure improvements, including trails connecting the area to downtown Fishers and a new intersection at the entrance, has made the area more attractive for investors and companies looking to relocate.
“Launch Fishers continues to be a magnet for companies and entrepreneurs that want to be a part of our growing city,” said Mayor Fadness. “The demand for office space at Launch Fishers is already at capacity. We knew we had to increase office inventory for the companies that are ready for the next step and those that want to be a part of the what’ happening here. This reimagined office building does just that.”
As a part of the economic development agreement, the city will master lease 35,000 square feet of the office building for two years and offer a five-year, 100 percent abatement. Citimark will purchase the Launch Fishers building and lease it back to the city for 10 years at a rate of $12.75 per square foot. In addition, the city will waive all development fees.
The Fishers City Council will vote on the economic development agreement at Monday’s council meeting. If approved, the Fishers Redevelopment Commission will also have to approve the sale and lease of the Launch Fishers building and the master lease of the redeveloped office building.