Five-story, 302-space parking garage coming to city’s west side
On Tuesday, Noblesville Mayor Chris Jensen asked the council to approve an economic development agreement with a Carmel-based developer for the redevelopment of three acres to residential mixed-use village development to be known as Village at Federal Hill.
The agreement would form a $29 million partnership with Old Town Companies to build 160 apartments, 30,000 square feet of office/commercial space, and 400 public spaces, including a 302-space five-story parking garage on Noblesville’s west side next to Federal Hill Park.
Jensen said the development would continue to foster a stronger downtown and an east to west connection on both sides of the river.
Jensen
“We are encouraged to have this project move forward at such a quick pace to provide a vibrant, livable, walkable connection between downtown and the west side of the White River,” Jensen said.
What the mayor didn’t discuss, and what the council unanimously approved without discussion, was Noblesville borrowing $14 million to help pay for the project.
According to the agreement Noblesville would issue Economic Development Bonds which would yield $5.2 million to Old Town Companies to pay part of the project’s cost.
Noblesville will also issue $9 million in bonds to build the parking garage.
According to project documents, Old Town Companies told the city that without the assistance of the city and the provision of the economic development incentives within the agreement, the project would not move forward.
“Our goal for the Village at Federal Hill and for all our neighborhood developments is to create a ‘sense of place’ for the people living in an Old Town community,” said Justin Moffett, partner at Old Town. “It’s an outstanding location with its proximity to downtown Noblesville, Riverview Health and the park. We are excited to be a part of the City’s plans to create new opportunities for its residents.”