The City of Noblesville and Cityscape Residential broke ground Tuesday on Nexus, a public-private residential investment to the downtown area on the west side of the White River. The development, which is along River Road and State Road 32, plans to transform the site of a former Marsh building and parking lot into a multifamily living complex.
“Nexus will drive economic development to our western anchor of the downtown area and bring energy back to a currently idle location,” Noblesville Mayor Chris Jensen said. “In partnership with Cityscape, we are able to turn around an underutilized space close to the heart of our downtown by enhancing the quality of life and sense of place in this area.”
Nexus is a public-private partnership that is projected to be a more than $50 million investment. The public investment does not displace tax funding for core services and comes solely from the new revenues generated from this project. This development is projected to ultimately add $37 million in post-redevelopment assessed value, which helps keep existing residents’ taxes low.
Rendering provided
The mixed-use development includes 287 luxury apartments and 36,000 square feet of commercial space. Cityscape has developed a number of award-winning community-style neighborhoods throughout Central Indiana.
“Cityscape Residential is excited to be investing $50 million in the future Nexus apartments in Noblesville, one of several large new investments this year for Cityscape,” said James Thomas, founder and managing partner of Cityscape Residential. “We already have employees, families, and friends who live and work in Noblesville, so we knew it was a vibrant place to grow our business and to succeed. The City of Noblesville has been a strong partner in making this investment happen, so we were especially delighted to help arrange for the Noblesville public safety agencies to train in the former retail buildings prior to their demolition. But now it’s time to get things moving, and to create something new and beautiful in place of tired parking and empty buildings. We’re thrilled to get construction going immediately.”
The project will feature amenities such as extensive co-working space for residents in multiple configurations, conference rooms for resident use, swimming pool, exercise room, fitness-on-demand workouts, bike storage and repair, fitness classes, pet spas, outdoor grills and downtown connectivity with convenient trail access to the White River Greenway, Forest Park and Morse Reservoir.
Construction is anticipated to be completed in the winter of 2022.