Thursday, March 28, 2013

Riverplace developer files for bankruptcy

As predicted in an earlier post, the developer of Riverplace at 96th and Allisonville, Centre Properties, has filed a Chapter 11 bankruptcy in order to reorganize.

In the Indianapolis Star article about the filing, they blame the construction at 96th and Allisonville for the demise of their shops on the corner.  Which is odd, as supposedly the expanded Riverplace behind the corner shops was the REASON for the silly u-turns at the intersection,  where the Town of Fishers is spending $10 million (with cost overruns) to make traffic even worse there.

This whole area I have previously called "Fishers Flop #1.   Failed development next to two sewer plants, the White River, and a near to gravel pits and an asphalt plant is the reason to "improve" the intersection (already bad during rush hour), so the development fails because of the road "improvement" it inspired?

Priceless.  Oops.  Not "priceless".  TEN MILLION DOLLARS OUT OF OUR POCKETS.

Becoming a city can't come soon enough.