The former Fry’s Electronics property along Interstate 69 in Fishers has now sat empty for more than five years, and Mayor Scott Fadness says the city is willing to keep waiting for the right redevelopment, according to a report published today by the Indianapolis Business Journal.
IBJ reporter Mickey Shuey reported that the nearly 17-acre site at 9820 Kincaid Drive has seen little activity since Fry’s closed in February 2021. The city began requiring fencing and around-the-clock security monitoring at the property in 2022 after incidents of squatting and vandalism.
Fadness told IBJ the city has heard several proposals for the site, including trampoline parks, car dealerships and discount stores. None fit the city’s plans for the I-69 corridor, which Fishers wants to develop as a life sciences and corporate office area alongside hotels, apartments and entertainment venues.
Price a sticking point
Fadness said several developers have tried to buy the property but could not reach a deal with its owner, California-based Mound Builders LP. He did not name the developers or disclose the asking price, telling IBJ only that the cost had made projects unworkable. The city’s last talks with the owner took place nearly two years ago through the company’s attorney, he said.
IBJ was unable to reach a registered agent for Mound Builders.
A hard site to reuse
Sara Coers, director of Indiana University’s Center for Real Estate Studies, told IBJ the property is tougher to redevelop than its highway frontage suggests. The site is highly visible from I-69 but difficult to reach, since drivers must wind through the surrounding commercial area rather than turn directly off 96th Street.
The roughly 180,000-square-foot building, which opened in the mid-1990s as an Incredible Universe store and later housed an AutoNation used-car lot, is likely obsolete for most users, Coers said. She told IBJ demolition could cost several million dollars.
Land broker Mike Horrigan of Bradley Co. said the site could suit a campus-style or mixed-use project with multiple tenants, but he expects the existing building would have to come down.
City holds the zoning cards
In 2021, Fishers changed its zoning rules to require City Council approval before most tenants can move into commercial spaces of 25,000 square feet or more. The approach grew out of a 2017 policy the city adopted after Marsh Supermarkets closed its Fishers stores.
Coers said the I-69 corridor remains one of the strongest development areas in the state, and developers have easier, ready-to-build sites to choose from. She said the Fry’s property could stay empty for several more years.
Fadness said the city has no plans to pursue eminent domain and expects the owner and a buyer will eventually reach terms on a project the city can support.
“We’re going to play the long game,” Fadness told IBJ.
This story is based on reporting by Mickey Shuey of the Indianapolis Business Journal and can be accessed at this link. You will need an IBJ subscription to access this story. Once again, I encourage you to subscribe to your local news sources!