On Jan. 12, Noblesville Mayor Chris Jensen announced his support for a project proposing a master-planned business and innovation park on Ind. 37 north of 146th Street.
The project, which would encompass 75 acres on what is now undeveloped farmland, would be called Washington Business Park and is proposed in partnership with Patch Development.
The development proposes seven to 11 lots ranging from 2 acres to 22 acres. Anticipated building sizes range from 10,000 square feet to 250,000 square feet depending on the tenants’ needs.
“Washington Business Park will attract innovative and dynamic companies that create world class products and services that will add high-paying advanced employment opportunities to the community and will provide a home for world class companies to easily relocate to Noblesville,” Patch Development owner Pat Chittenden stated.
The proposal will be presented at a future Noblesville Common Council meeting. If approved, the city will pursue a $6.7 million developer-backed and purchased bond. The area will become a tax increment financing, or TIF, district, and the proceeds will be split with 65 percent going to the developer and 35 percent with the city. City proceeds will be applied to utilities, stormwater and infrastructure improvements, such as the extension of North Pointe Boulevard and 153rd Street.
“We expect that more than 800,000 square feet of office/building (space) will be developed within the next five years,” Jensen stated. “We also anticipate more than 500 new jobs will come from building this business park.”
If approved, the development team will break ground on the project this summer.