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.
Showing posts with label Centre Properties. Show all posts
Showing posts with label Centre Properties. Show all posts
Thursday, March 28, 2013
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.
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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