Mayor Chris Jensen announced his support on Tuesday for a new project that would create a master planned business and innovation park on 75 acres along State Road 37, north of 146th Street. Patch Development is proposing the Washington Business Park on currently undeveloped farm land.
Chittenden
“Washington Business Park will attract innovative and dynamic companies that create world class products and services that will add high-paying advanced employment opportunities to the community and will provide a home for world class companies to easily relocate to Noblesville,” said Pat Chittenden, Owner of Patch Development.
The development plans provide the city flexibility with seven to 11 lots – ranging from two-acre to 22-acre sites. The buildings anticipated sizes range from 10,000 square feet to 250,000 square feet depending on the needs of the future tenants.
“We expect that more than 800,000 square feet of office/building will be developed within the next five years,” Jensen said. “We also anticipate more than 500 new jobs will come from building this business park.”
If approved, the city will pursue a $6.7 million bond, which will be developer backed and purchased. The new area will become a TIF district, where the proceeds will be split 65 percent with the developer and 35 percent with the city. Proceeds will be applied to utilities, stormwater and infrastructure improvements like the extension of North Pointe Boulevard and 153rd Street.
Murray
“Site selection and business location is a very competitive process. Washington Business Park will make Noblesville even more attractive to companies as a result of this investment in infrastructure improvement,” said Noblesville Economic Development Director Andrew Murray. “Ultimately, it is about attracting the right jobs to Noblesville and having a response to the demand and importance of speed to market site and facility options under our current environment.”
Murray said the project has zero risk to taxpayers.
The project plan and economic development agreement will be presented to the Noblesville Common Council at an upcoming public meeting.
The development team plans on breaking ground on the project this summer, if approved.