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Boomerang comes back with plans for Noblesville subdivision

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A local developer is moving forward with plans to build a 144-lot subdivision in Noblesville—the first such project city officials have OK’d since approving another proposal for the same property in 2007.

Fishers-based Boomerang Development LLC shelved those plans when the economy tanked, but it didn’t give up on the 77-acre site at the northwest corner of 161st Street and Hazel Dell Parkway.

The Noblesville Common Council this month approved a new development proposal for Lake Forest of Noblesville. Boomerang President Corby Thompson said the $40 million community will be built in phases over several years. Construction could begin this summer.

“This is a better plan,” Thompson said of a neighborhood design that preserves existing trees and includes trails that connect to nearby recreational paths. “It’s a better layout, and it is a better fit for the current market.”

Bloomfield Hills, Mich.-based Pulte Homes will build the houses, most of which are expected to sell for $250,000 to $350,000—a lower price point than called for in the earlier proposal. Three lots on the western edge of the property are set aside for custom homes in the $600,000-plus range, though Thompson said demand will dictate whether those are built.

Davis Homes was the builder in the earlier proposal, but the local company failed to emerge from what Thompson called the industry "cleansing" brought about by the recession.

Thompson is confident now is the time to develop the site. Homebuilding activity in Hamilton County increased 20 percent in 2012, according to annual building-permit data released by the Builders Association of Greater Indianapolis. Single-family permits in Noblesville were up 75 percent in the first two months of this year, compared to the same period in 2012.

“There’s a shortage of lots in Hamilton County,” Thompson said. “The market is there.”

City Planning Director Christy Langley concurs.

“I see this as one of many signs that the economy is coming back, and Noblesville continues to be a desirable destination,” she said, citing a low vacancy rate for the city’s housing stock and a limited inventory of existing homes for sale.

Indeed, Boomerang also is working on plans for a 500-lot community near Boden Road and 166th Street on Noblesville’s east side, where the city hopes to develop a 200-acre park. He expects to submit that proposal for council approval by May.

Some of Lake Forest’s future neighbors weren’t as optimistic about the housing rebound, pointing out during public hearings that two existing subdivisions near 161st and Hazel Dell still have undeveloped lots.

Langley said construction in the Twin Oaks of Noblesville and Essex of Noblesville neighborhoods has been steady despite the recession. And she said officials cannot legally reject a development proposal because other lots are available.  

Thompson said his project is different enough that he isn’t concerned about the competition.

“I think they can all co-exist very well,” he said.

Noblesville’s comprehensive plan calls for residential development at that intersection, Langley said, and the additional homes should provide a welcome boost to nearby retail hubs along the four-lane Hazel Dell Parkway.

“The more rooftops we get, the better they’re going to perform,” she said.

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  1. I think the poster was being sarcastic and only posting or making fun of what is usually posted on here about anything being built in BR or d'town for that matter.

  2. Great news IRL fans: TURBO the IMS sanctioned movie about slugs running the Indy 500 has caught the Securities and Exchange Commission because Dreamworks had to take a $132MILLION write down...because the movie was such a flop. See, the Indy/IMS magic soiled another pair of drawers. Bwahahahahahaha! How's CARTOWN doing? HAHAHAHA...Indy is for losers.

  3. So disappointed in WIBC. This is the last straw to lose a good local morning program. I used to be able to rely on WIBC to give me good local information, news, weather and traffic on my 45 minute commute.Two incidents when I needed local, accurate information regarding severe weather were the first signs I could not now rely on WIBC. I work weekend 12 hour nights for a downtown hospital. This past winter when we had the worst snowfall in my 50 years of life, I came home on a Sunday morning, went to sleep (because I was to go back in Sunday night for another 12 hour shift), and woke up around 1 p.m. to a house with no electricity. I keep an old battery powered radio around and turned on WIBC to see what was going on with the winter storm and the roads and the power outage. Sigh. Only policital stuff. Not even a break in to update on the winter storm warning. The second weather incident occurred when I was driving home during a severe thunderstorm a few months ago. I had already gotten a call from my husband that a tornado warning was just southwest of where I had been. I turned to WIBC to find out what direction the storm was headed so I could figure out a route home, only to find Rush on the air, and again, no breaking away from this stupidity to give me information. Thank God for my phone, which gave me the warning that I was driving in an area where a tornado was seen. Thanks for nothing WIBC. Good luck to you, Steve! We need more of you and not the politics of hatred that WIBC wants to shove at us. Good thing I have Satellite radio.

  4. I read the retail roundup article and tried Burritos and Beers tonight. I'm glad I did, for the food was great. Fresh authentic Mexican food. Great seasoning on the carne asada. A must try!!! Thanks for sharing.

  5. John, unfortunately CTRWD wants to put the tank(s) right next to a nature preserve and at the southern entrance to Carmel off of Keystone. Not exactly the kind of message you want to send to residents and visitors (come see our tanks as you enter our city and we build stuff in nature preserves...

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