At the June 29 meeting, the Noblesville Common Council unanimously approved a partnership with MAB Capital Investments to establish Hyde Park, a 274-acre master plan development designed to encourage investment and economic development within walking and biking distance of Hamilton Town Center.
Hyde Park include businesses, retail, restaurants, residential and recreational uses within, and adjacent to, Hamilton Town Center. It includes a senior living community, multifamily developments, townhomes, mixed-use spaces and office space.
“This project provides an infusion of residential options near Exit 210 and several Noblesville attractions,” Mayor Chris Jensen stated. “The plan also increases the real estate assessed value from $527,000 to an estimated $142 million once completed.”
To fund the project, the city will issue a series of developer-backed tax increment financing bonds. Jensen said such bonds create zero risk for the taxpayer or the city’s tax rate. The bonds will not exceed $35 million, and funds will be made available to the developer for infrastructure and site improvements to the project.
“Hyde Park provides the city with a long-range plan in one of the most sought-after areas of our city. This project gives us a vision plan to help guide development trends,” stated Sarah Reed, community and economic development director. “These are suggested uses and each piece of the project will come through the Noblesville Common Council as a new development.”
As part of the agreement, MAB Capital Investments will create a 162-acre park with more than 2 miles of trails. The firm also will install 2,800 feet of road and bridge infrastructure to connect 141st Street from Marilyn Road to Boden Road.
“We are very pleased to partner with the City of Noblesville for this transformative master-planned development,” MAB Capital Investments President Steve Ball said. “The response from the development community has surpassed our expectations and we are thrilled to announce Birkla Investment Group as our first partner within the development.”
Council President Darren Peterson said the city received several benefits from the project, such as road infrastructure and the new park.
“I really appreciate the way this is put together with a very large project,” Peterson said.
Noblesville-based Bedrock Builders is the development manager for Hyde Park. Each project within the development will come before council separately.
Construction will begin before Dec. 31, 2022. Build-out of the full project is anticipated to be completed within 10 years. For more, visit cityofnoblesville.org.