The Noblesville City Council approved an economic development agreement for a project by PulteGroup of Indiana and TWG Development during its Aug.15 meeting. The agreement will turn approximately 603 annexed acres into a mixed-use development bound by 156th Street, 166th Street, Boden Road and Olio Road.
The project will go before the Plan Commission in September.
The project involves creating multi-family apartments and dwelling units like condos, townhomes, flats and other types; commercial/retail space; age restricted single-family Del Webb units; and traditional single-family and specialty housing dwelling units. The project will also have a trail connectivity component.
The project will have a market value of more than $700 million, according to a press release.
To offset initial project infrastructure costs, the city will commit up to $10.8 million in net proceeds from the tax increment financing, according to Robert Herrington, a spokesperson for Mayor Chris Jensen.
Andrew Murray, economic development director for the city, and Herrington said the PulteGroup and TWG Development bonds are private costs. They said there will be no risk to taxpayers if the developer doesn’t make service payments.
Sarah Reed, community development director for the city, said the partnership has been collaborative the last four to five years.
From an updated 2021 housing study the city conducted, Reed said Noblesville had sufficient traditional multifamily apartments and larger home units on more land but needed more attached, age-restricted and specialty boutique-style housing.
“Central Indiana is lacking housing units for people that want to move here in the thousands, and so growth is inevitable here, and we are seeing a lot of people who want to be in urban-suburban communities,” Reed said.
Herrington said the Del Webb units are age-restricted and noted that TWG told the council Aug. 15 that it isn’t expecting a lot of young children in its apartments, so the city does not anticipate extra stress being put on schools, bus drivers or bus routes.
Herrington said 60 percent of Hamilton County’s attainable housing is in Noblesville.
“We feel like Noblesville is making progress in the attainable (housing) realm and we would say that we are making the most progress out of the county municipalities here in Hamilton County,” Reed said. “So, we continue to keep moving that needle forward for ourselves, but also would like for other municipalities to step up and take on some of their responsibility with doing the same.”
Macey Kessler, corporate communications manager from PulteGroup, said the company doesn’t yet have exact details on the price range of housing in the project.
PulteGroup will resurface and widen shoulders and widen turn lanes on Boden Road, 156th street, 166th street and Olio Road, Herrington said. PulteGroup, according to the press release, will also construct a roundabout at 166th street and Boden Road, paying the city’s portion of the Federal Highway Matching Grant. Perimeter pedestrian paths will also be built as part of the project.
