NOBLESVILLE, Ind. (Inside INdiana Business) – The city of Noblesville and Indianapolis-based Cityscape Residential are partnering on a multi-million-dollar residential development in the city’s downtown. The city says the site, which currently contains a vacant Marsh store and parking lot, will become a market-rate multi-family living complex.
Mayor Chris Jensen and Cityscape Residential will introduce the agreement to the Noblesville Common Council at its meeting on Sept. 15. The partnership is projected to be a nearly $53 million investment.
“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,” said Jensen. “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.”
Jensen says the project will include luxury apartment amenities like coworking areas, a bike room with maintenance and repair, a salt water pool, pet spa, outdoor living spaces and downtown connectivity with convenient trail access to the White River Greenway, Forest Park and Morse Reservoir.
“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 are already building downtown, which is a key economic driver.”
If approved, the city says construction is expected to start in the spring, and construction is expected to be completed in 2022.