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Noblesville OKs $40 million upscale apartment project

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Noblesville officials have signed off on preliminary plans for a $40 million upscale apartment project in the city’s massive Corporate Campus—effectively closing out such development there.

The development, dubbed Chapel Pointe of Meredith Meadows, would be located on 24 acres southwest of the intersection of Promise Road and Greenfield Avenue. Housing options in the 491-unit project would include $1,600-per-month townhouses, plus an array of 1-, 2- and 3-bedroom apartments renting for $800-$1,375 a month.

Indianapolis-based Marah Development now must work with city officials to finalize plans before construction can begin.

The property is part of a planned development with 3,600 acres of pre-zoned, shovel-ready land intended to attract commercial investment. About 20 percent of the campus was set aside for residential use.

Although there’s still some room for single-family development, Noblesville Planning Director Christy Langley said Chapel Pointe will occupy the last parcel available for multifamily housing. Apartments still could be included as part of a mixed-use project, she said.

Multifamily development has been booming throughout central Indiana, and demand remains strong. The Noblesville/Fishers area had an occupancy rate of almost 95 percent last year, local apartment brokerage and advisory firm Tikijian Associates said in its 2012 rent survey report.

“The market’s pretty good, but there are a lot of other projects in the works,” George Tikijian said. “I don’t know at what point that will have an impact [on the occupancy rate], but it will.”

More than 400 units are included in two projects already slated for Noblesville, according to Tikijian’s annual apartment overview, and IBJ reported last year that another 1,000-plus apartments are planned just south in Fishers.

Noblesville officials hope residential development attracts more businesses to the Corporate Campus, already home to growing companies like SMC Corp. of America and Helmer Inc.

“We want to create jobs, help our economy and make a better life for residents of Noblesville, if you will,” Noblesville Mayor John Ditslear said. “That’s going to take a while.”

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  1. How can any company that has the cash and other assets be allowed to simply foreclose and not pay the debt? Simon, pay the debt and sell the property yourself. Don't just stiff the bank with the loan and require them to find a buyer.

  2. If you only knew....

  3. The proposal is structured in such a way that a private company (who has competitors in the marketplace) has struck a deal to get "financing" through utility ratepayers via IPL. Competitors to BlueIndy are at disadvantage now. The story isn't "how green can we be" but how creative "financing" through captive ratepayers benefits a company whose proposal should sink or float in the competitive marketplace without customer funding. If it was a great idea there would be financing available. IBJ needs to be doing a story on the utility ratemaking piece of this (which is pretty complicated) but instead it suggests that folks are whining about paying for being green.

  4. The facts contained in your post make your position so much more credible than those based on sheer emotion. Thanks for enlightening us.

  5. Please consider a couple of economic realities: First, retail is more consolidated now than it was when malls like this were built. There used to be many department stores. Now, in essence, there is one--Macy's. Right off, you've eliminated the need for multiple anchor stores in malls. And in-line retailers have consolidated or folded or have stopped building new stores because so much of their business is now online. The Limited, for example, Next, malls are closing all over the country, even some of the former gems are now derelict.Times change. And finally, as the income level of any particular area declines, so do the retail offerings. Sad, but true.

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