Mayor Chris Jensen announced several new developments during his State of the City address on September 21, including one that appeared ahead of the September 28 Noblesville City Council meeting.
The council unanimously approved an economic development agreement between the city and Milhaus, a mixed-use developer specializing in urban and multi-family residential buildings. Milhaus is based in Indianapolis. The deal is for what Economic Development Director Andrew Murray calls a “transformation project” spanning 46 acres at the northwest corner of 146th Street and River Road.
âWe are very happy to have Milhaus as a partner,â said Murray. âThere has been a lot of interest in this site over the past two years and proposals we have put forward to make sure we have the right project and the right partner before us.
The $ 118 million mixed-use development will be funded through development bonds issued by the city, which Murray says is consistent with the structure of all of the city’s economic development agreements. The obligations will not exceed $ 12.7 million. The promoter will buy the bonds, and the city will commit up to 90% of the tax revenue from the project to repay the bonds for a period of 20 years. Payment is secured by a 90 percent commitment to debt service obligations, and the city will guarantee 10 percent of property taxes generated by the development, which are estimated at $ 7.5 million. The estimate does not include the growth in assessed value.
The project will include 312 multi-family dwellings at market price, of which 10% will be reserved for labor housing. There will be 28,000 square feet of designated retail space; 132 multi-family dwellings subject to an age restriction; and 102 townhouses for sale. The project will also include trails and green spaces.
Murray said he expects the development to spur further development along the 146th Street corridor. Construction is scheduled to begin in April 2022.
To learn more, visit cityofnoblesville.org.