A proposal to bring some other giant apartment complex to downtown Noblesville was presented to City Hall on Tuesday.
Called the East Shore, the assignment would be located along the White River, near Conner Street, on the Hamilton County Employee Park site.
“This adds the market call to the city center, adds and expands the tax base,” Mayor Chris Jensen told the council. “It provides advertising, residential features and dynamism.
The Rive Est would be a four-story construction with retail outlets and a garage. Developed through J. C. Hart Company and Republic Development, the $58. 8 million allocation will come with 219 apartments, 5,000 square feet of commercial area and parking for 295 cars.
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The assignment includes a mastery of sports and activities, a green domain along the river, a swimming pool and a clubhouse. The apartments will be rented for between $850 and $2,000 per month.
The developer would invest $47. 9 million and the city would factor a $9. 9 million bond to fund the project, which would be reimbursed with taxes on long-term assets captured in a tax-rising financing district, said Andrew Murray, Noblesville’s director of economic development.
The developer can open by the end of 2021 and is expected to be completed by September 2023.
The allocation is the most recent of a number of rentals planned in or around the city centre.
Call IndyStar journalist John Tuohy at 317-444-6418 and email john. tuohy@indystar. com and on Twitter and Facebook.