A Carmel-based developer plans to spend $31 million to redevelop a significant piece of real estate in Noblesville.
Jackson Development LLC want to turn 38 acres of land at the northeast corner of East 146th Street and Promise Road into a business park with offices and a shopping center.
The land houses an auto salvage business, S.O.S. Auto Service, but has been targeted for redevelopment for years by the city as part of a goal to create a corporate campus along 146h Street between State Road 37 and Interstate 69.
The business park would be called Campus Center. About 22 acres would be used to build 200,000 square feet of office/flex space to be known as the Campus Center Business Park. The other 16 acres would house 80,000 square feet of retail called The Shoppes at Campus Center. A total of eleven buildings would be constructed.
Tuesday night, the Noblesville City Council approved an economic development agreement with Jackson Development in which the city will give the developer $6.75 million to partially reimburse various costs related to the project, including land acquisition, site improvement and construction.
The funding will come from a bond that will be repaid by money generated by a tax increment financing, or TIF, district established for the area. That district will encompass all four corners of 146th Street and Promise Road, and should spur further economic development, city attorney Michael Howard told the council.
Automobiles currently stored on the property must be removed by Jan. 1, 2020, according to the agreement. Site work is expected to start in 2019.
The project is anticipated to increase the assessed value of the land from $405,000 annually to approximately $31 million, the agreement states.
“You probably couldn’t pick a better redevelopment opportunity to be able to make not just a transformative difference for this corner but for the 360 acres that are around that intersection because that has been a real drag,” said Steve Hardin, an attorney for Faegre Baker Daniels, who represents Jackson Development.