FISHERS, Ind. — A $550 million dollar expansion will make Fishers the new home of the Indy Fuel as a new 8,500-seat event center is being planned in the Fishers District.

The city of Fishers says the development will be located east of I-69 between 106th and 116th Streets southeast of IKEA.

Once completed, the Indy Fuel will move its headquarters from the Indiana State Fairgrounds to Fishers. It’s expected to be ready for the 2024-25 season.

Along with the event center, there will be new “retail, restaurant, entertainment, and residential options” according to a release by Fishers officials.

Some of the additional plans of the expansion include:

  • Slate, a previously announced multi-family and garden home community
  • The Union: an area which will feature 250 luxury apartments, 60,000 square feet of retail and restaurants, 150 hotel rooms, and up to 80,000 square feet of office space

The event center will be housed in an area called The Commons, which will also feature restaurant and retail businesses, as well as some additional residential options.

Fishers City officials say it’s part of more than $1.1 billion in economic and entertainment investments coming to the area. According to the city, this is the largest single-day announcement in its history.

“Fishers is thriving and today’s announcement demonstrates that our momentum isn’t slowing down. Since 2019, residents and visitors of Fishers have enjoyed The Yard at Fishers District with a demand we haven’t experienced elsewhere,” said Fishers Mayor Scott Fadness.

The master developer for the project is Thompson Thrift, an Indianapolis-based real estate company. It previously developed The Yard at Fishers District.

The planned expansion will be presented to the Fishers City Council on Monday, September 19.

Additional developments

The city of Fishers also announced the Stevano Group is planning to increase its investment in an upcoming 200,000-square foot facility in the Fishers Life Science and Innovation Park.

The company will present a proposal to the city council to update the investment total to $512 million. They hope to hire 515 employees by 2031. The Stevanato facility is set to open in early 2024.