Developers Propose $35M Luxury Condo Project in Downtown Fishers – Indianapolis Business Journal

According to the plans, the Rev is to be built on the corner of East 116th Street and Municipal Drive in Fishers. (Rendering provided by the City of Fishers)

Two developers Friday announced designs for a $35 million project that is expected to bring 36 luxury condominiums to Fishers’ Nickel Plate Cultural District.

Indianapolis-based Alboher Development Co. and Carmel-based Birkla Investment Group LLC are planning to construct a five-story mixed-use building called The Rev at the intersection of East 116th Street and Municipal Drive.

The Rev would include 36 condominiums ranging from $600,000 to $1 million, 23,000 square feet of commercial and office space, and a parking garage.

“The Rev development provides us with a unique opportunity to diversify the housing market in Fishers,” Mayor Scott Fadness said in written comments. “These apartments offer residents all the benefits of inner-city living, but also an opportunity to build wealth at a time when real estate options are limited.”

Birkla Investment Group previously developed the Rev at Proscenium in Carmel, which opened in 2021 and includes 22 apartments. The Proscenium is located on a seven-acre site at the northwest corner of South Rangeline Road and West Carmel Drive.

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The Rev in Fishers would include 36 condominiums, 23,000 square feet of commercial and office space, and a parking garage. (Rendering provided by the City of Fishers)

Alboher Development has owned the property at 8603 E. 116th St. since 1986. The company’s president, Mike Alboher, said in a city press release that he had previously reviewed “numerous proposals” for the property before Tony Birkla , owner of the Birka Investment Group pitched the Rev project.

“We believe this development is a perfect fit with the ongoing evolution of our center, meeting both housing and retail needs,” said Alboher.

The land currently has a two-story building that houses Thai Sushi House, and a one-story strip mall that houses Source Yoga Center, North Star Vitamins & Health Center, Burn Boot Camp, and People Factor LLC. A Fishers spokesperson said Alboher Development is working with entrepreneurs on their next steps.

The Fishers City Council will vote on the project agreement and incentives at its August 15 meeting at the Launch Fishers co-working space.

The Rev Building, which will have a wood and glass facade, is the latest major development in the Nickel Plate District.

The city will begin demolition of Fishers City Hall in October to make way for the construction of the $22.8 million arts and community complex. The new complex is expected to open in the spring of 2024.

Fishers officials released design renderings in March for the Hotel Nickel Plate, a five-story, 116-unit hotel under Hilton’s premium brand Tapestry Collection.

The hotel is part of the larger $157 million mixed-use project in the Nickel Plate Cultural District, which includes the six-story, 180,000-square-foot headquarters of the First Internet Bank, a 237-unit multi-family development called Nickel Plate Station. and the rehabilitation of two older buildings in downtown Fishers.

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