NOBLESVILLE — The City of Noblesville and Cityscape Residential on Friday announced plans to partner to bring a new multi-million dollar residential and office space development to the city's downtown west of the White River.
The location, which is along River Road and State Road 32, contains a vacant Marsh building and parking lot but has plans to become a market-rate multifamily living complex, the city announced.
The agreement will be formally presented to the Noblesville Common Council at its next regularly scheduled meeting on Sept. 15.
"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," Mayor Chris Jensen said. "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."
According to the city, the public-private partnership is projected to be a $52.8 million investment. Zoning for a potential office building will also be presented to council as part of the project. The city said Cityscape has developed a number of award-winning community-style neighborhoods throughout central Indiana.
"We've had a few proposals that included plans to reuse the current building, but the city felt that those plans weren't the right fit for our community," Jensen said. "This proposal brings us a market-rate multifamily development that supports businesses by injecting additional energy into the momentum we area already building downtown, which is a key economic driver."
The project also includes luxury apartment amenities like co-working areas, a bike room with maintenance and repair, a saltwater pool, pet spa, outdoor living spaces and downtown connectivity with convenient trail access to the White River Greenway, Forest Park and Morse Reservoir.
If approved by council, construction is slated to begin in spring 2021 with plans for construction to be complete in 2022.