It was more than one year ago when  IKEA announced plans to begin construction on a new Central Indiana store here in Fishers.  The work on that facility is underway and should be finished less than a year from now.

After the 2015 formal announcement ceremony, Mayor Scott Fadness indicated a “go slow” or careful approach to development in the area around IKEA.  In other localities, big box developments have normally sprung-up around IKEA locations.

The mayor had other plans for Fishers.  First, he recommended, and the city council enacted. more restrictive zoning requirements in that IKEA area of the city.  The vision was to do something creative with that part of town.

On December 15th, The City of Fishers announced what it describes as a “culinary and entertainment center” at 116th Street and IKEA Way, just east of Interstate 69, called The Yard.  The $40 million project will be developed by Thompson Thrift.

Based on all the information released so far, it appears the city is putting together a kind of Launch Fishers for food and restaurants.  Fadness appeared on Gerry Dick’s Inside Indiana Business television program, and said he expects 8-13 restaurants to be in place once the complex is complete.  But he’s most interested in the city master leasing two 1,500 square feet buildings to be used as a culinary and/or restaurant accelerator, allowing creative culinary experiments to be housed there.

Because IKEA will be a regional draw for Fishers, Fadness clearly is envisioning The Yard to draw people from the entire central part of the state.  The way this development has been described, there is nothing else like it in Indiana.

The news release refers to entertainment as part or the complex, but there is no clear indication what kind of entertainment is expected to be developed.  I suspect that more details on that part of the development will be better known as the project moves along.

Tax Increment Financing will be utilized as an incentive for the private developers to sign-on to the plans.  That means property tax money will be diverted for a number of years to pay-off bonds for The Yard.  It should be noted this land will need to be annexed into the city and rezoned from residential to another use.  Thompson-Thrift bought the homes currently on this property to demolish the structures, clearing the way for this project.

The plan will also require a waiver of impact fees.

Construction could begin as early as the summer of 2017.

When I interviewed Mayor Fadness and his Community Development Director at the time, Tom Dickey. as the downtown Depot construction was about to begin, they both made clear they had a vision.  They wanted Fishers to become a destination, much like Mass Ave, Fountain Square or Broad Ripple, but with a different twist.  They wanted a family destination.

Bringing IKEA to Fishers, and building on that with plans for The Yard, Mayor Fadness is moving forward with that vision.  Let’s be honest, there are risks involved with a development as ambitious and different as The Yard.  But we all should also keep in mind that doing nothing brings its own risks.  Time will tell whether this gamble pans out for Fishers.