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The city of Noblesville announced Tuesday night that Indianapolis-based Flaherty & Collins Properties plans to build a $67 million apartment development south of the city’s downtown.
The Granary would be built on three acres at the former site of the Noblesville Milling Co., which was built in 1904 and was used to store wheat for decades. The development would be bounded by Mulberry Street to the north, South 9th Street to the east, Walnut Street to the south and South 8th Street to the west.
The Granary, on the northern part of the site, would feature a four-story building and parking garage with 225 luxury apartments, 5,000 square feet of retail space and about 300 structured parking spaces for residents and the public. At least 10% of the apartment units would be dedicated as workforce housing units, according to an economic development agreement.
Plans also call for amenities like a saltwater pool and aqua lounge, co-working areas, a fitness center, an outdoor kitchen with grilling stations and fire pits, a game room with billiards, a pet spa, bike storage and bike shop, and a club room with kitchen, bar, and seating for groups.
The southern portion of the site would have a trailhead for the Midland Trace and Nickel Plate trails and include public restrooms and lockers.
“We could not be more excited to partner with the city of Noblesville to bring a first-class, transformational development to the Pleasant Street Corridor, a project that all residents can be proud of and enjoy,” Flaherty & Collins Chairman Emeritus and Principal Jerry Collins said in written remarks.
Construction on The Granary could begin next summer and be completed in summer 2027.
The Noblesville City Council heard an introduction for The Granary on Tuesday night. Council members voted 8-1 to approve an economic development agreement that includes a $13.4 million tax-increment financing bond for the project.
The Noblesville Redevelopment Commission will review the economic development agreement on Thursday. The City Council will vote at a later time on the incentive and the zoning for the project.
Mayor Chris Jensen told council members that The Granary would be “a shot in the arm and an overall economic revitalization effort for south end of downtown.”
At least two previous plans have been proposed since 2016 for the former Noblesville Milling Co. site, which provided the origin for Noblesville High School’s nickname, the Millers.
Eight years ago, Hamilton County Area Neighborhood Development proposed a $12 million development with 56 one- and two-bedroom apartments dedicated to affordable housing, a business incubator space and 4,000 square feet for commercial retail. That project died after it was denied grants from the county and state.
And in 2021, Flaherty & Collins Properties proposed a $48 million mixed-use project with approximately 238 luxury apartments, a parking garage and retail space.
Jensen said the city ultimately decided to put the site on hold until it made progress on expanding Pleasant Street into a major east-west corridor through Noblesville and across the White River. The Granary is planned near two new roundabouts on South 8th Street that will open later this year.
Now, he said the goal is to revitalize areas south of Noblesville’s downtown. The city’s downtown has experienced growth in recent years on both the east and west sides of the river.
“Downtown is really the bread and butter that makes up our community,” Jensen told councilors. “Over the last several decades, our downtown has grown, which expanded its footprint, which is really exciting. So, as we look to revitalize downtown, we’re looking to the south on this project, down this corridor.”
Councilor Mark Boice was the lone vote against the economic development agreement. He said the corridor south of downtown “needs some love,” but he has difficulty justifying using taxpayer money on the project when it does not cover the entire property. A site plan indicates an existing surface parking lot and a radio tower would remain in place.
Boice also said he thinks the city should form a plan for the corridor before approving a project.
“I just can’t support a project where we’re giving taxpayer money and we’re not getting a whole project when it’s missing a portion of that property that I think is extremely important,” Boice said.
Council member Aaron Smith said he likes the way the development would intersect with the Midland Trace Trail and draw users of the Midland Trace, Monon Trail and Riverwalk.
“I think it’s such a great asset for us to have a commercial or a retail spot right on the trail,” Smith said. “This is where folks are going to come from, the Nickel Plate, the Midland and the Riverwalk, and for that all to converge right in that spot is really an incredible asset for this part of town.”
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