Mayor Chris Jensen announced several new developments during his State of the City address Sept. 21, including one that appeared before the Noblesville Common Council’s Sept. 28 meeting.
The council unanimously approved an economic development agreement between the city and Milhaus, a mixed-use developer that specializes in urban, multi-family residential buildings. Milhaus is based in Indianapolis. The agreement is for what Economic Development Director Andrew Murray calls a “transformative project” spanning 46 acres on the northwest corner of 146th Street and River Road.
“We are very excited to have Milhaus as a partner,” Murray said. “There’s been a lot of interest in this site over the last couple years and proposals we passed on to ensure we get the right project and the right partner before us.”
The $118 million mixed-use development will be funded through developer bonds issued by the city, which Murray said is consistent with the structure of all the city’s economic development deals. The bonds will not exceed $12.7 million. The developer will purchase the bonds, and the city will pledge 90 percent of tax increment revenue from the project for repayment of the bonds for a period of 20 years. The payment is secured with a 90 percent pledge to the debt service of the bonds, and the city will secure 10 percent of the property taxes produced by the development, which are estimated to be $7.5 million. The estimate doesn’t include growth in assessed value.
The project will include 312 market-rate, multi-family units, 10 percent of which will be set aside for workforce housing. There will be 28,000 square feet of space designated for commercial retail; 132 age-restricted multi-family units; and 102 for-sale townhomes. The project also will include trails and green space.
Murray said he expects the development will spur further developments along the 146th Street corridor. Construction is expected to begin in April 2022.
For more, visit cityofnoblesville.org.
