Office space in Fishers is a very scarce resource, but more is on the way. The City of Fishers and the Hageman Group have entered into a project agreement for an office building, which was approved Monday night by the Fishers City Council. The plans call for a 31,000-square foot office structure with a total investment of $8.5 million as lease commitments are finalized.
The office building will be multi-storied, located at 8939 Technology Way, across from the Meyer Najem building. The city hopes this will become a gateway to the Fishers Certified Tech Park. The park already houses operations such as Launch Fishers, the IoT Lab and Netfor.
“This will add needed office space to our downtown office inventory,” said Brandon Dickinson, Director of Economic Development at the Monday night city council session. “We honestly can’t build it fast enough for the demand that we have.”
Fishers officials say the city will provide the land, $2.05 million in bond proceeds through Tax Increment Financing and a waiver of impact fees to assist with development costs, but only in the event the building is pre-leased and under construction within 30 months with a minimum private investment of $5.6 million.
“Innovation companies are looking for a place to call home in Fishers and this development provides another opportunity for growing companies to join the entrepreneurial economy here in our city,” said Fishers Mayor Scott Fadness in a city news release.
The downtown area of Fishers has seen $430 million in development over the past three years.