Noblesville has approved a tax abatement tied to the $19 million development of a speculative industrial building at the southwest corner of 146th Street and Olio Road.
The tax abatement was requested by DNK Noblesville LLC and Patch Development, which has committed to building two speculative buildings totaling 550,000 square feet. The approval of the abatement was tied to a 240,000-square-foot building with an estimated investment of $19 million, said Amy Smith, economic development manager with the city.
Once the developer is ready to begin work on the second building, another similar request will come before the city for approval, Smith said. The city approved an economic development agreement in June with Westfield-based Patch Development for the two speculative buildings.
The firm was also recently selected as the developer of an events center and parking garage near Interstate 69 as part of a project tied to the developmental league of the Indiana Pacers.
In May, the city and Pacers Sports & Entertainment announced a partnership to build an 85,000-square-foot arena at Finch Creek Park, where the Pacers’ G League franchise, the Mad Ants, would play during the 2024-25 season. The Mad Ants will relocate to Noblesville from Fort Wayne as part of the plan.
The city plans to commit $36.5 million toward the project, which includes a 3,400-seat arena that would be rented by the Pacers for up to 40 days a year. City officials sent out a request for proposals and qualifications specifying “that the events center and parking garage must be located in the city with a preference to a location east of Ind. 37 and in proximity to exit 210, Finch Creek Park, and Hamilton Town Center,” said Matt Light, deputy mayor with the city.
Patch Development was one of two firms that submitted bid proposals – the other was Card & Associates – and was selected by the city in part because its proposal indicated that it would generate 2 1/2 more in net spending and local taxes while creating 30 percent more jobs.
Light said the shift from Finch Creek Park to a new site near I-69 was done for several reasons, including the economic impact of having the events center and parking garage near Innovation Mie with its proximity to I-69, Hamilton Town Center, existing and planned hotels and restaurants, Ruoff Music Center and other amenities and planned developments, according to a memo recommendation to the Noblesville Board of Public Works and Safety.
A formal agreement will need to be approved with Patch Development by the Board of Public Works and Safety and the Noblesville City Council. The Westfield firm has also worked with the city on Washington Business Park on Ind. 37 through a public-private partnership, according to Light.
