Noblesville Mayor Chris Jensen announced his support on Wednesday for a new project that would add residential living and commercial space to the downtown area along the White River.
J.C. Hart and Republic Development are proposing a $47.9 million mixed-use development along the east side of the White River in the 3.4-acre area that currently houses the Hamilton County Employee Parking Lot and McMillan’s Auto Care. The large majority of project funding is from private capital, along with specified tax increment that is generated by the new development. City taxpayers and property tax funds are not pledged or at risk with the project.
Hart
“Our vision for this development is to provide diverse housing options across a wide demographic to both attract millennials, working professionals, and folks who are looking to downsize,” said J.C. Hart President John Hart. “We are partnering with Republic Development, who we have worked with on six other projects together, to create a unique residential and retail space that fits well into Noblesville’s one-of-a-kind downtown area.”
The development plans include four stories with the ground floor dedicated to 5,000 square-feet of retail space. The residential portion will consist of approximately 219 high-end rental apartments with a price range of approximately $850 to $2,000 per unit.
Jensen
“One of our city’s great assets is the White River and this project will bring people to the heart of our city and increase the vibrancy along the river,” Jensen said. “Investing in our downtown livability and quality of life attracts more talent to our community, which ultimately drives our economic development.”
Jensen added that the project includes roughly 295 garage parking spaces and 32 on-street parking spaces. This project, which brings in more diverse retail and housing options to Noblesville, supports Jensen’s policy pillars of economic development and downtown enhancement. The project also includes an outdoor sports and activity area, greenspace along the river, a pool and clubhouse, and many other modern amenities.
The project is a public-private partnership between the City of Noblesville and J.C. Hart and Republic Development, two firms that have a combined total of 85 years worth of business and development experience.
With this partnership, the city has now announced $135 million in public-private partnerships in the first 11 months of the Jensen administration.
The project plan and economic development agreement will be presented to the Noblesville Common Council at an upcoming public meeting.
If approved, the development team plans on breaking ground on the project in late spring or early summer 2021.