The City of Noblesville and MAB Capital Investments entered into a partnership at Tuesday’s Noblesville Common Council meeting to establish Hyde Park. The 274-acre master plan development will encourage investment and foster economic development within walking and biking distance of Hamilton Town Center.
“This project provides an infusion of residential options near Exit 210 and several Noblesville attractions,” Mayor Chris Jensen said. “The plan also increases the real estate assessed value from $527,000 to an estimated $142 million once completed.”
Reed
Jensen
Hyde Park will include a variety of businesses, retail, restaurants, residential and recreational uses within and adjacent to Hamilton Town Center. Examples included in the master plan include a senior living community, multi-family, and townhomes; in addition to mixed-use, office space and neighborhood-serving retail.
“Hyde Park provides the city with a long-range plan in one of the most sought-after areas of our city. This project gives us a vision plan to help guide development trends,” said Sarah Reed, community and economic development director. “These are suggested uses and each piece of the project will come through the Noblesville Common Council as a new development.”
To assist in funding the project, the city will issue a series of developer-backed TIF bonds, which Jensen says creates zero risk to the taxpayer or the tax rate. The bonds will be a total not to exceed amount of $35 million and proceeds will be made available to the developer for infrastructure and site improvements for the project.
“We are very pleased to partner with the City of Noblesville for this transformative master-planned development,” MAB Capital Investments President Steve Ball said. “The response from the development community has surpassed our expectations and we are thrilled to announce Birkla Investment Group as our first partner within the development.”
Ball mentioned that Noblesville-based Bedrock Builders will serve as development manager for Hyde Park.
As part of the agreement, MAB Capital Investments will be creating a passive recreation amenity and dedicating the 162-acre park and open space system with over two miles of trails and also will install the missing 2,800 feet of road and bridge infrastructure connecting 141st Street from Marilyn Road to Boden Road as part of the project.
Construction will begin before Dec. 31, 2022 and build out of the full project is anticipated to be completed within 10 years.
Graphic provided