Noblesville plans $118M residential, retail development; ‘Innovation Mile’ business district
Noblesville is planning a $118 million residential and retail development on River Road and a mile-long business “innovation corridor” on 141st Street as large projects east of downtown continue to accelerate.
Mayor Chris Jensen outlined the new projects in his State of the City address Tuesday at the Embassy Suites in Noblesville, where he touted several ongoing developments as evidence of the city’s heathy economy.
Jensen said a project is in the works with Milhaus Development, Indianapolis, to bring 144 apartments, 102 townhouses and 28,000 square feet of retail space to the northwest corner of 146th Street and River Road. It will have “expansive greenway space” and walking trails, according to plans submitted to the city by Milhaus.
The apartments will include 132 reserved older adults. The city will issue a $12.7 million to subsidize construction costs to be paid off from property taxes collected in a Tax Increment Financing District over a 20 year period The proposal will be introduced to the City Council Sept. 28.
The city’s “Innovation Mile,” will be a business district along 141st Street from Olio Road to Prairie Baptist Road, Jensen said. The area will include more than 200 acres of commercial space where companies can collaborate on projects.
Jensen said the district will include “flex” buildings, that can be instantly outfitted accommodate several types of companies and manufacturers.
“We realize that advanced technology companies are looking to relocate here – companies that focus on growth and invention,” Jensen said. “We want to make sure we are fostering that innovative spirit.”
Noblesville Workforce Development Director Chuck Haberman said the corridor would take 10 to 15 years to develop and the city would have to buy most of the farmland there now.
He said the goal is attract $500 million in investment from life sciences, medical and other technology heavy companies to one area of the city where they could thrive by the proximity to each other.
“We really see this as a job generating opportunity on the east side,” Haberman said.
The city already has plans to set aside four acres for an innovation incubator not far away, near Marilyn Road and 141st Street in the much larger Hyde Park project. That $142 million, 10-year proposed development calls for apartments, commercial space, shops, restaurants, senior living and a 162-acre park on 274 acres.
On State Road 37 north of 146th Street the city plans more 800,000 square feet of flex space for innovative companies as part of 75-acre Patch development business park.
Ongoing projects Jensen mentioned include:
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