Thompson Thrift Nears Completion of $750M Union in Indiana

By Olivia Hart

Thompson Thrift says the $750 million master-planned The Union at Fishers District has entered its final phase in Indiana. First residents moved into the 251-unit The Union Flats in October, but several commercial components remain ahead.

Those openings do not amount to completion of the 123-acre Fishers District. Office leasing is still underway, the hotel and other tenants remain planned, and the public-art program will add eight murals.

What has opened at The Union?

Thompson Thrift opened Flower Child, The Union’s first restaurant, which serves a health-focused menu. The Union Flats offers studios and one-, two- and three-bedroom apartments, with the company describing the finishes as upscale and the amenities as resort-style.

Additional restaurants, retailers and wellness tenants are still planned. Thompson Thrift lists:

• Cunningham Restaurant Group, Jeni’s Splendid Ice Creams, Niku Sushi.Kitchen.Bar, Kitchen Social, Piedra, The Oakmont, Everbowl, Racha Thai, JETSET Pilates, Renova Aesthetics and SWTHZ.

Only Flower Child is identified as open. The announcement gives no opening schedule, signed-lease status or financial terms for the other names, leaving the scale of committed tenant demand unstated.

Dan Sink, President and Chief Financial Officer of Thompson Thrift Development, said:

“Our goal has always been to create a vibrant, connected destination where people can live, work, dine and spend time together. With residents now calling The Union Flats home, businesses opening their doors and more experiences on the way, it’s exciting to see that vision come to life.”

His statement describes a destination in progress, not a completed one. Residential move-ins and Flower Child’s opening demonstrate activity, but the company has disclosed no project occupancy or sales data.

The practical milestone is an operating mixed-use opening, not a finished commercial district.

What does the hotel and office pipeline add?

Thompson Thrift says The Union is expected to include Indiana’s first AC Hotel by Marriott. The 135-room hotel will be owned and operated by Dora Hospitality and is intended to serve business and leisure travelers visiting Fishers District and the surrounding area.

The project also includes 70,000 square feet of Class A offices. Leasing remains underway as Thompson Thrift seeks companies interested in an integrated environment combining offices, housing, restaurants, retail, hospitality and public amenities.

Ryan Menard, Vice President of Development at Thompson Thrift, said:

“The response we’re seeing from prospective tenants reinforces the appeal of The Union’s integrated approach to development. Businesses increasingly recognize the value of environments that offer more than traditional office or retail space.”

He also said new restaurants, residents moving in and future amenities make The Union a compelling opportunity for businesses joining an established and growing destination. The announcement discloses no signed office tenants, lease rates, occupancy targets or hotel opening date, leaving the revenue timetable for both commercial components uncertain.

Scott Fadness, Mayor of Fishers, said the district’s continued evolution reflects a commitment to places that bring people together and strengthen the community. He called The Union important for new businesses, housing and opportunities in a vibrant, walkable destination, described the milestones as an exciting moment, and expects Fishers District to keep growing.

The hotel and offices broaden the project, but leasing and opening data will determine whether the expansion produces a durable commercial center.

How large is Fishers District, and what comes next?

According to Thompson Thrift, The Union is one of five developments within the 123-acre Fishers District, which the company began developing in 2015. It recently started construction on The Crossing Lofts, a separate 273-unit luxury apartment community expected to welcome residents in January 2028.

The distinction matters: The Union’s $750 million project is approaching completion, while The Crossing Lofts remains scheduled for January 2028.

Thompson Thrift’s public art initiative will add eight murals created by local artists. The company says the designs will highlight Fishers’s history and character and create additional attractions for residents and visitors.

Over its 40-year history, the company reports investing more than $7.9 billion in communities. A simple average of the disclosed $7.9 billion minimum works out to about $198 million a year, though Thompson Thrift provides no annual investment or return breakdown.

The company develops, constructs, leases and manages multifamily and commercial properties across the U.S. That record establishes its development scale, but it does not answer project-level questions about occupancy, rents or delivery timing.

The next test is whether Thompson Thrift turns its tenant pipeline into signed leases and operating businesses, followed by whether The Crossing Lofts meets its January 2028 opening schedule.