The City of Noblesville and Cityscape Residential have announced plans to partner on a multi-million dollar residential investment for the site that contains a vacant Marsh building at the northwest quadrant of Ind. 32 and River Road.
The public/private partnership is estimated to be a $52.8 million investment.
“Our goal with this project is to drive economic development to our western anchor of the downtown area and bring vibrancy to a currently blighted location,” Noblesville Mayor Chris Jensen stated. “It’s a shame to have an underutilized space so close to the heart of our downtown and we would like to turn that around by investing in quality of life and sense of place. Adding residential development to the west side of the river will attract a diverse workforce while adding density and energy to that area.”
Jensen said the city has received several proposals to reuse the Marsh building, but he said city officials felt those plans weren’t right for the area.
“This proposal brings us a market-rate multifamily development that supports businesses by injecting additional energy into the momentum we are already building downtown, which is a key economic driver,” Jensen stated.
The project includes apartments, coworking areas, a bike room with maintenance and repair, a saltwater pool, a pet spa, outdoor spaces and downtown connectivity with trail access to the White River Greenway, Forest Park and Morse Reservoir.
Construction is slated to start next spring and is expected to be complete in 2022.