The City of Noblesville and Cityscape Residential have agreed to partner to bring a multi-million dollar residential investment to the downtown area to the west side of the White River. The location, which is along River Road and State Road 32, contains a vacant Marsh building and parking lot, but the City has plans to make it into a market-rate multifamily living complex.
Noblesville Mayor Chris Jensen and Cityscape Residential will introduce the agreement to the Noblesville Common Council at its next regularly scheduled common council meeting on Tuesday, Sept. 15.
Jensen
“Our goal with this project is to drive economic development to our western anchor of the downtown area and bring vibrancy to a currently blighted location,” Jensen said. “It’s a shame to have an underutilized space so close to the heart of our downtown and we would like to turn that around by investing in quality of life and sense of place. Adding residential development to the west side of the river will attract a diverse workforce while adding density and energy to that area.”
The public-private partnership is projected to be a $52.8 million investment. Zoning for a potential office building will also be presented to the council as part of this project. Cityscape has developed a number of award-winning community-style neighborhoods throughout Central Indiana.
“We’ve had a few proposals that included plans to reuse the current building, but the city felt that those plans weren’t the right fit for our community,” Jensen said. “This proposal brings us a market-rate multifamily development that supports businesses by injecting additional energy into the momentum we are already building downtown, which is a key economic driver.”
Jensen added that the project includes luxury apartment amenities like co-working areas, a bike room with maintenance and repair, a salt water pool, pet spa, outdoor living spaces and downtown connectivity with convenient trail access to the White River Greenway, Forest Park and Morse Reservoir.
If approved by council, construction is expected to start in spring 2021 with plans for construction to be completed in 2022.