The Noblesville Common Council is considering a tax abatement request for a nearly $11 million senior living facility.
The 37,000-square-foot memory care center that would be known as Poets Walk has been proposed by Senior Real Estate LLC, an affiliate of Florida-based Silver Cos. It would be located at 9600 E. 146th St. and would have 60 rooms with 68 beds.
It’s estimated the project would cost $10.9 million and 55 new employees would be hired. The total anticipated payroll for the new facility is $1.9 million with an annual wage with benefits to be $37,400.
The tax waiver would be on a sliding scale for four years, with100 percent abated in the first year, 75 percent the second year, 50 percent the third year and 25 percent the fourth year.
Silver Companies would save $369,754 over four years with the abatement. The city would collect $221,852 of property taxes in that same time period. The city currently isn’t collecting any property taxes on the 3.6 acres proposed for the development.
Mark Ambach, president of Silver Capital Real Estate Funds, told the council Tuesday night that the facility would accept aging individuals with memory diseases like Alzheimer's and dementia. He said there would be community areas for music, lectures and art, and multiple courtyards with gardening space.
The facility would be within the city’s health care corridor, which also includes Prairie Lakes Health Campus, Hamilton Healthcare Campus, Community Surgery Center and several other medical offices.
The council approved the preliminary resolution Tuesday night, and a public hearing and confirmatory resolution will be considered May 12.
“To have something this close to Noblesville, it’s great,” council member Stephen Wood said.