Apartments may be added to Noblesville mixed-use project

May 23, 2014
Back to TopCommentsE-mailPrintBookmark and Share

The developer of a commercial project planned at State Road 37 and 146th Street is seeking a zoning change to add a 350-unit apartment complex to the mix.

TM Crowley Development LLC wants to rezone 25 acres of land northeast of the busy intersection to allow for multifamily uses. The 73-acre property—now vacant farmland—is zoned for general business uses.

Carmel-based Crowley also is asking the Noblesville Plan Commission to approve a preliminary development plan for the project, dubbed Conner Crossing.

A general site plan submitted with the request shows residential uses on the northern third of the property and retail/commercial uses closer to 146th Street. Three so-called outlots totaling almost 10 acres would line the east-west thoroughfare.

Crowley principal Tom Crowley did not immediately respond to an IBJ inquiry, but a project description included with the Plan Commission filing said the proposed apartment community would include as many as 352 units in 16 buildings, plus a clubhouse and maintenance facility.
 
Residential amenities include a “resort-style” swimming pool, fitness center, business center, car wash and “outdoor living area,” according to the description, provided by longtime Indianapolis-based multifamily specialist Sheehan Cos.

Sheehan’s Hamilton County holdings include Maple Knoll Apartments in Westfield and Lakeview Court Apartments in Noblesville.

A veteran commercial real estate developer, Tom Crowley left Gershman Brown Crowley Inc. last year to start his own firm. While with GBC, Crowley helped assemble land for Hamilton Town Center in Noblesville and developed the retail center in collaboration with Indianapolis-based Simon Property Group.

He is still working with the renamed Gershman Partners to finish The Bridges, a mixed-use project at 116th Street and Spring Mill Road in Carmel.

ADVERTISEMENT
  • more apartments?
    When will this trend end? Most are fairly nice looking, but there have been so many built in recent years. Would love a story on this trend in Indy/suburbs.
  • brother...
    I live one block east at Cumberland and 146th. I will be really sad if this means losing the trees that line 37 at this intersection. I moved from Carmel which lost all of its green space in the 10 years I lived there. I was drawn to this area for all of the open fields. I hope all of this "wonderful development" doesn't drive me into life in the woods.
    • RE: brother...
      Your definition of sprawl is the next development after yours. I'm sure those there before you complained about your house, and so on and so on. Choosing a location between Fishers & Noblesville may have not been the wisest decision if you were looking for green space to remain.

    Post a comment to this blog

    COMMENTS POLICY
    We reserve the right to remove any post that we feel is obscene, profane, vulgar, racist, sexually explicit, abusive, or hateful.
     
    You are legally responsible for what you post and your anonymity is not guaranteed.
     
    Posts that insult, defame, threaten, harass or abuse other readers or people mentioned in IBJ editorial content are also subject to removal. Please respect the privacy of individuals and refrain from posting personal information.
     
    No solicitations, spamming or advertisements are allowed. Readers may post links to other informational websites that are relevant to the topic at hand, but please do not link to objectionable material.
     
    We may remove messages that are unrelated to the topic, encourage illegal activity, use all capital letters or are unreadable.
     

    Messages that are flagged by readers as objectionable will be reviewed and may or may not be removed. Please do not flag a post simply because you disagree with it.

    Sponsored by
    ADVERTISEMENT
    1. The $104K to CRC would go toward debts service on $486M of existing debt they already have from other things outside this project. Keystone buys the bonds for 3.8M from CRC, and CRC in turn pays for the parking and site work, and some time later CRC buys them back (with interest) from the projected annual property tax revenue from the entire TIF district (est. $415K / yr. from just this property, plus more from all the other property in the TIF district), which in theory would be about a 10-year term, give-or-take. CRC is basically betting on the future, that property values will increase, driving up the tax revenue to the limit of the annual increase cap on commercial property (I think that's 3%). It should be noted that Keystone can't print money (unlike the Federal Treasury) so commercial property tax can only come from consumers, in this case the apartment renters and consumers of the goods and services offered by the ground floor retailers, and employees in the form of lower non-mandatory compensation items, such as bonuses, benefits, 401K match, etc.

    2. $3B would hurt Lilly's bottom line if there were no insurance or Indemnity Agreement, but there is no way that large an award will be upheld on appeal. What's surprising is that the trial judge refused to reduce it. She must have thought there was evidence of a flagrant, unconscionable coverup and wanted to send a message.

    3. As a self-employed individual, I always saw outrageous price increases every year in a health insurance plan with preexisting condition costs -- something most employed groups never had to worry about. With spouse, I saw ALL Indiana "free market answer" plans' premiums raise 25%-45% each year.

    4. It's not who you chose to build it's how they build it. Architects and engineers decide how and what to use to build. builders just do the work. Architects & engineers still think the tarp over the escalators out at airport will hold for third time when it snows, ice storms.

    5. http://www.abcactionnews.com/news/duke-energy-customers-angry-about-money-for-nothing

    ADVERTISEMENT