Piedra is latest concept for Fishers-based Archiega Restaurant Group

INDIANAPOLIS, June 4, 2024 /PRNewswire/ — Thompson Thrift, a full-service nationally recognized real estate company and one of the nation’s leading commercial real estate developers, announced today it has signed the first lease at The Union at Fishers District with Piedra, a Mexican restaurant owned and operated by Fishers-based Arechiga Restaurant Group.

“We are thrilled to welcome Piedra to The Union at Fishers District,” said Ryan Menard, vice president of development at Thompson Thrift. “Their commitment to culinary excellence and community engagement aligns perfectly with our vision for this vibrant mixed-use destination. This partnership represents a significant step in creating a unique and inviting gathering place for both residents and visitors.”

Piedra will offer upscale Mexican cuisine in an approximately 5,000-square-foot space with an outdoor patio area. The location is expected to open to the public in 2026. The Union location will be the second site for the latest concept, following the scheduled opening later this year of the first Piedra in Indianapolis’ Bottleworks District.

In total the Arechiga Restaurant Group manages eight concepts in 14 locations across the Indianapolis and Chicago areas, including Verde Flavors of Mexico, Casa Santa and the fast-casual restaurant concept, Quesa Tacos.

“This latest milestone brings together two great entrepreneurial spirits in Thompson Thrift and the Arechiga Restaurant Group,” said Fishers Mayor Scott Fadness. “We are very excited to see The Union at Fishers District come to fruition, and we celebrate the continued economic opportunity it brings to our community.”

Located near Interstate 69 and 116th Street, The Union is one of five developments in the expansive master-planned Fishers District development. The mixed-use development will create a true urban experience with approximately 60,000 square feet of retail space, 70,000 square feet of Class A office space, a 150-room boutique hotel, a 250-unit multifamily community and over 800 structured parking spaces that will provide parking for both residents and center visitors.

Piedra is the first signed lease at the project, with three other concepts currently at-lease, and several additional spaces being actively negotiated. The Union is expected to break-ground in the first quarter of 2025, with the first tenants expected to open in late 2026.  

Thompson Thrift first began work on the Fishers District development in 2015 and received a Monumental Award from the Indianapolis Chamber of Commerce in 2020 for the first phase.

Once completed, the $750 million development will span 123 acres and will offer an array of multifamily, townhome, hotel, office, dining, shopping, and entertainment options. The five developments will be connected by well-designed walking paths that will offer residents and visitors the opportunity to explore the master-planned development on foot.

Thompson Thrift is a full-service real estate development company focused on multifamily, ground-up commercial and mixed-use development across the Midwest, Southeast and Southwest. Along with its developments in Indianapolis, the company continues to expand its footprint with eight new residential developments targeted for 2024, including new markets in Georgia, Utah and Idaho.

Since its founding nearly 40 years ago, Thompson Thrift has invested more than $5 billion into local communities and has become known as a trusted partner committed to developing high-quality, attractive commercial and multifamily communities.

About Thompson Thrift Real Estate Company
Thompson Thrift is an integrated full-service real estate company with offices in Indianapolis and Terre Haute, Indiana; Denver; Houston and Phoenix. Three business units drive Thompson Thrift’s success—Thompson Thrift Residential which is focused on upscale Class A multifamily communities and luxury leased homes, Thompson Thrift Commercial which is focused on ground-up commercial development, and Thompson Thrift Construction, a full-service construction company. Through these business units, Thompson Thrift is engaged in all aspects of development, construction, leasing, and management of quality commercial real estate projects across the country. The company earned national recognition from Energage as a winner of a 2024 Top Workplaces USA award and five Culture Excellence awards, the latest accolades that reflect the company’s ongoing commitment to excellence in the community and workplace. For more information, please visit www.thompsonthrift.com.

Contact:
Jennifer Franklin   
Spotlight Marketing Communications
949.427.1385
[email protected]  

SOURCE Thompson Thrift