Gray Eagle golf course in Fishers will stay open, ending fears of plunging property values

The golf club at the Gray Eagle development in Fishers will stay the course.

Gray Eagle owner RN Thompson is working on a proposal that would bring a residential development and restaurant to the golf course, allowing it to remain open.

“We are very satisfied,” if Thompson wants to save the golf course, said Homeowners Association President Chris deMonclin, “our objective all along was to maintain the course.”

Golfers take a golf cart out to golf at Gray Eagle Golf Club in Fishers, Tuesday, Sept. 4, 2018.

But he said the plan was just a draft and it was too early to say whether the HOA members would approve of the finished proposal.

In 2018, developer Mark Thompson had declared his intent to develop most of the property and close the 18-hole course and driving range at 126th Street and Brooks School Road. He said the course was in need of millions in repair and maintenance that declining golf revenues were not providing.

The HOA had advocated for limited development in parcels at the corner of the course next to the clubhouse that would generate revenue for Thompson. But they rejected proposals for commercial properties that would draw traffic and related congestion, putting the two sides at an impasse.

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Thompson confirmed that a proposal is in the works, which will need approval from the Fishers City Council.

“The plan is to keep the golf course open and make it nicer with some new amenities and a restaurant inside,” Thompson said in an email. “There’s still lots of work to do on this plan as well as zoning requirements.”

Thompson declined a request for an interview to provide more details of the plan. But deMonclin said Fishers shared Thompson’s plans with the HOA recently. The development included apartments and condos on parcels in the northwest corner of the course.

Residents fought off plans in 2017 for iTown Church to be built at that location. The church has since been constructed on 126th Street near Cumberland Road.

Homeowners said demolishing the golf course would decrease their property values and they had encouraged Thompson to sell to someone who would keep Gray Eagle a golf course. Thompson said a buyer would be difficult to find.

The residents rejected an offer to raise their homeowner fees to buy the course themselves and the city did not want to make it a municipal golf course, though Mayor Scott Fadness wanted it to remain a golf course.

Call IndyStar reporter John Tuohy at 317-444-6418. Email at john.tuohy@indystar.com and follow on Twitter and Facebook.