Two growing Noblesville-based businesses have acquired a 7.6-acre undeveloped lot on the southeast side of the city where they plan to build two separate buildings for their headquarters.
WoodTurningz Inc. and Texon Towel and Supply Co. plan to evenly split the property at 15405 Endeavor Drive—east of Cumberland Road and south of Greenfield Avenue—and build separate 52,500-square-foot buildings for their operations.
The total investment for the project is expected to be nearly $11 million, with WoodTurningz spending about $100,000 more than Texon.
The city has a preliminary agreement in place with both companies to abate most of their property taxes over the next eight years if they meet hiring goals. The proposed incentive agreement calls for the companies to collectively hire nearly two dozen workers by the end of 2031.
WoodTurningz, founded in 2002, is a leading supplier of pen kits, turning tools, and woodworking accessories and equipment to retail and wholesale customers worldwide.
The business is outgrowing its location at 15248 Stony Creek Way and needs more space to expand inventory, increase staffing and add a new unit of business in the board lumber market.
The company has 10 full-time employees and estimates its workforce will grow to 13-15 people by 2026 and to 18-20 employees by 2031.
“After nearly 20 years of business, WoodTurningz is proud to continue to call Noblesville our home,” Ryan Polokoff, owner and president of WoodTurningz, said in written remarks. “We love our current location in Noblesville. We just need more space. Our new location will allow us to not only grow, but also start a new opportunity selling domestic and exotic hardwood lumber.”
Texon Towel and Supply, founded in 1976, provides towels and products to professional, collegiate, and high school athletic departments, health clubs, federal agencies and public recreation facilities.
The company has outgrown its facility at 15239 Herriman Boulevard and needs a larger building to expand its inventory and increase staff.
The business has six full-time employees and expects its workforce to increase to 10 to 13 people by 2026 and 14 to 20 employees by 2031.
The companies plans to break ground on the buildings in March with completion expected by early 2023.
The proposed incentive agreement, which is scheduled to be formerly presented to city officials on Thursday, calls for WoodTurningz to hire at least 10 employees over the next eight years with annual salaries averaging more than $35,000. Texon is expected to create at least 13 jobs with average annual wages of $58,300.
The companies would save 90% on their property taxes for four years and 85% for another four years.
“We are excited to see two of Noblesville’s own expand with this new investment and jobs commitment within our community,” Noblesville Mayor Chris Jensen said in written comments. “As new investment continues to occur in Noblesville, working closely with companies that are already here is critical to ensure they have the best opportunity to thrive.”