The City of Noblesville has announced it has partnered with J.C. Hart and Republic Development on a proposed $47.9 million mixed-use development in the 3.4-acre area that houses McMillan’s Auto Care and provides parking for Hamilton County employees.
A majority of the proposal’s funds are from private capital and specified tax increment financing generated by the proposal. A press release from the City of Noblesville states that city taxpayers and property tax funds are not pledged or at risk with the project.
“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,” stated John Hart, president of J.C. 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 proposes a four-story building, 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.
“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,” Mayor Chris Jensen stated. “Investing in our downtown livability and quality of life attracts more talent to our community, which ultimately drives our economic development.”
The project would include 295 garage parking spaces and 32 on-street parking spaces. The project plan and economic development agreement will be presented to the Noblesville Common Council at a future meeting. If approved, the development team plans on breaking ground in late spring or early summer 2021. For more, visit cityofnoblesville.org.