Thursday, August 9, 2012

Is the Riverplace developer about to go under?

A story I just saw in the IBJ about the developer of Riverplace, the giant flop of a multi-use development on 96th Street next to the White River, documents how Centre Properties is struggling and facing foreclosure on some of its properties, including one in Fishers on 96th just east of I-69.

Readers will remember from my earlier post about how this giant development, touted as the new gateway to Fishers by town council president Scott Faultless, has never gotten off the ground.  Never one to admit a mistake, Faultless is spending $8.6 million in taxpayer dollars to make the intersection of 96th and Allisonville even worse, with the boondoggle called a "Michigan left". 

This news story makes it even more unlikely that Riverplace will ever be built, kind of like the water park on State Road 37 that got foreclosed on, the subject of a future post.  So why are taxpayers funding $8.6 million for road "improvements" for a busted development??? 

I don't know who the contractors are for this mess, but one has to wonder if they were contributors to Faultless and Company.  Wouldn't surprise me. 

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