City leaders in Noblesville have approved an economic development agreement with a joint replacement center that will be at Innovation Mile.
Indiana Joint Replacement Institute plans to build a 35,000-square-foot ambulatory surgery center and medical office building dedicated to hip and knee joint replacements as part of a $28 million investment. The facility will be constructed on 6.5 acres currently owned by the city at the southeast corner of Olio Road.
Under the approved economic development agreement, the company plans to commit 52 new jobs by 2024 with average annual wages of $125,000. The company will also receive a 10-year personal property tax abatement for up to $5 million of an investment that is made, according to the agreement.
In addition, the city plans to pay for engineering and construction costs for a pedestrian walkway connecting the project to the Innovation Mile development, while the land would be sold to the company for $1. Dr. Michael Meneghini, who spoke to the Noblesville Common Council about the project, said he is looking forward to the development being located in Noblesville.
The proposed development will be two stories and include four operating rooms with the ability to expand if needed, 16 pre- and post-operative bays, X-ray, physical therapy and 20 exam rooms, according to city documents. The building will also have dedicated research and education space to continue ongoing research the company has conducted for the last 15 years, officials said.
“This medical complex will be the epicenter of the Indiana Joint Replacement Institute within the State of Indiana and across the US,” company officials said in documents provided by the city.
Construction is expected to take two years before the building is occupied, said Sarah Reed, director of community and economic development for the city of Noblesville.