OVERVIEW
We received the following update from the developer of our investment in the Yard at Fishers:
Exciting progress continues at The Yard at Fishers District! Sun King, the Fishers’ Culinary Incubator, 1933 by St. Elmo, Havana Cigar Bar, HC Grill and the free-standing retail shops located in the center of the site will be opening this Fall!
We successfully closed on the sale of the hotel parcel (4.17 acres) and the Hughes Parcel (0.65 acres) in 2018, and construction on the dual concept Hyatt Place and Hyatt House continues, with a projected opening this Fall.
We are excited to announce our newest executed lease with Rize, a favorite Indy brunch spot by Cunningham Restaurant Group. Rize offers a selection of sustainably founded dine-in, breakfast and lunch options daily, along with impressive catering packages. We are thrilled this brunch restaurant will occupy a premier location in the project and offer another important restaurant category to the tenant mix.
MULTIFAMILY MARKET UPDATE
-The Fishers apartment market continues to perform strongly with average occupancy for our comparable property set of 92%.
-Over the past year, the Fishers/Noblesville multifamily submarket has experienced 2.32% rent growth, according to CoStar.
-According to Niche’s 2019 Rankings, Fishers ranked number 2 in both “Best Places to Live in Indiana” and “Best Places to Raise a Family in Indiana.”
-As of January 2019, the average home price in Hamilton County was $336,259, up 9.5% from the previous year.
CONSTRUCTION PROGRESS
We remain on schedule and on budget for construction.
Mixed Use Building (“MUB”)
-All concrete for the garage and MUB concrete podium has been placed and the garage is nearing completion.
-Framing for the apartments within the MUB has commenced and is 30% complete.
-Mechanical Electrical and Plumbing rough-ins and fire sprinklers are being installed in the MUB retail space and first section of apartments
Free standing Retail
-Structural steel and masonry is complete for the free standing retail. Storefront is being installed.
-Retailers will begin interior build-out beginning this Spring/Summer and are projected to open this Fall.
Site
-Site work continues, and the site will be paved in the next few weeks.
