The Noblesville City Council has approved an economic development agreement with East River Partners LLC for a proposed development along the east side of White River near 6th Street and Conner. The project will be known as East Bank.
Originally announced in November of last year, the project will bring a $49 million mixed-use development to a 3.4-acre piece of real estate along the east side of the White River.
Jensen
Noblesville Mayor Chris Jensen announced his support in November for the project that would add residential living, commercial space, and a privately-owned parking garage to the downtown area along the White River.
During Tuesday’s presentation, Mayor Jensen described Noblesville’s west gateway, the area along White River and the east side of the Conner Street bridge. “Crossing the Conner Street bridge, I immediately look to my left and have nothing but nostalgia for my hometown and then I immediately look to my right and wonder how that filling station is still there.”
The filling station Jensen referred to is McMillan’s Auto, one of downtown Noblesville’s oldest family-operated businesses. Originally established in the 1950s as a Shell service station, the business was purchased by the McMillan family that has operated an auto repair and towing company for nearly 35 years.
Carmel based developer J.C. Hart will partner with Fishers-based Republic Development to bring a four-story structure with a ground floor dedicated to 5,000 square-feet of retail space. The residential portion will consist of approximately 219 high-end rental apartments.
Funding for the project will come, in part, through Noblesville providing a developer purchased TIF bond that is expected not to exceed $9.9 million.
Murray
“We are going to size the bond based on reasonable TIF projections and assume no growth, but if growth occurs, the agreement calls for the city and developer will share the excess TIF dollars in a 70/30 annual split to allow the developer to recoup a portion or all of project costs,” said Noblesville Economic Director Andrew Murray.
Murray said the project is expected to have $1.2 million in impact fees and Noblesville has agreed to cover 15 percent of that cost.
Construction on the project is expected to begin this coming summer and is expected to take two years to complete.
The “filling” station is still there because it is one of the oldest family owned businesses in our town and it’s part of the nostalgia that you speak of! You are the one ruining the quaintness of this town.
Thank God their finally going to tear down that eye sore gas station that has been out of operation since we moved here in 1989. It’s about time that Noblesville starting forward instead of behind.