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.”