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HAMILTON COUNTY, IN-The price tag for the 750-acre, mixed-use Saxony project has risen to more than $1 billion, says Richard Arnos, president of Toledo, OH-based Republic Development Corp. His company is leading the development of the project, which is to have three million sf of office and industrial space, 800,000 sf of retail and 1,300 single- and multifamily homes, all surrounding 950,000-sf Hamilton Town Center, a Simon Property Group retail property now underway. The project, which spreads across the communities of Fishers and Noblesville, had been pegged at a $500 million cost, but more development has been added, Arnos tells GlobeSt.com.

The Saxony project has already begun, opening and leasing a few light industrial buildings with tenants such as Weaver Popcorn, Rocktops, Helmer Labs’ 75,000-sf new world headquarters and the 70,000-sf Wesleyan Church world headquarters. Also, the first multi-tenant office to be recently completed is the Bonn Building, a 36,000-sf building, which has a few tenants that include the developer itself and Interstate Holdings LLC. “We’re pretty close to half full on that property,” Arnos says. He has hired Colliers Turley Martin Tucker to market the office space. “We’re about 10 years from being finished with all the office and industrial space, there’s a lot more office coming.”

Another office component is the planned 95-acre campus on land purchased by Clarian Health Partners. “They plan to build a million sf of medical office and a hospital,” Arnos tells GlobeSt.com. “They’re going to get under construction this year, and finished in 2010.”

The retail will include two separate portions, a 500,000-sf lifestyle center and a 300,000-sf power center, “likely anchored by a grocery store,” Arnos says. The development will also include three hotels, including a 132-unit Cambria Suites, being built by Ceres Enterprises, and a 120-room Holiday Inn by J Enterprises Inc.

Single-family homes, multifamily apartments and condos will also be included on the site, Arnos says. “We’ve got 150 single-family homes up now, as well as another 80 townhomes, and we’re starting the apartments this July,” he says. “There will be a 270-unit apartment project, and another 400-unit complex that will be rental or owned flats. These will go hand in hand with the retail and the medical office center.”

The property is perfect for a large, mixed-use project, being right off of I-69 and near the Noblesville Corporate Campus, Arnos says. “This area has consistently been the fastest growing in the Midwest, bar none, and the demographics are great. You’ve got a lot of highly-educated people in the three-mile radius, including many employees of Roche Diagnostics, headquartered in Indianapolis, just a few miles south of Fishers. Also, the average income is right around $108,000,” he says.

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