Alboher Development Company, Inc. and Birkla Investment Group, LLC announced Friday their proposal to build a five-story, mixed-use building at 8603 E. 116 St., Fishers, located at the intersection of Municipal Drive and 116 Street near the newly opened downtown hub of the Fishers Nickel Plate Trail.
The REV development will feature 36 for-sale condominiums, a parking garage, and 23,000 square feet of commercial and office space. The luxury condos, ranging from $600,000 to $1,000,000, will be the first of their kind as Fishers’ first for-sale condominiums.
“The REV development provides us with a unique opportunity to diversify the housing market in Fishers,” Fishers Mayor Scott Fadness said. “These condos will offer residents all the benefits of downtown living, but also an opportunity to build equity during a time when real estate options are limited. Combined with its emphasis on sustainability and the additional retail opportunities it will provide our community, the REV building is the perfect addition to our downtown cultural district.”
The $35 million investment is the first new development announcement along the Nickel Plate Trail since the downtown portion opened in May, and the first condominium project along the trail.
“We are excited to expand the REV brand into Fishers,” Tony Birkla, owner of Birkla Investment Group said. “REV at Proscenium sold out quickly, as buyers immediately saw value in the home quality, amenities and lifestyle. REV Fishers will continue our precedent for all-inclusive luxury community living with quality construction that exceeds expectations.”
The building’s eco-friendly design features a wood and glass façade, which will serve as a striking landmark in the bustling Nickel Plate Cultural District. The downtown district was designated as a Statewide Cultural District in 2018 by the Indiana Arts Commission (IAC).
“Having owned this property since 1986, I have seen dramatic changes to Fishers,” Mike Alboher, President of Alboher Development said. “Having sorted through countless proposals on this property, I was not swayed until Steve Hardin introduced me and my daughter, Paige Pettenaro, to Tony Birkla and his team. We were so impressed with his team’s vision for our site, things progressed quickly. Mayor Fadness and Megan Baumgartner shared our enthusiasm and worked tirelessly to make this happen. We believe this development perfectly fits the advancing evolution of our downtown area, filling both housing and retail needs.”
The Fishers City Council will vote on the project agreement approving incentives at the Monday, Aug. 15 council meeting at Launch Fishers, 12175 Visionary Way.
Visit REVFishers.com for condo and commercial leasing information or to sign up for project updates.