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The Noblesville City Council on Tuesday night approved plans for a $250 million residential and commercial development with 650 new homes near Morse Reservoir.
Indianapolis-based LOR Corp. plans to develop the 175-acre Morse Village on the north side of Noblesville at the intersection of East 206th Street and Hague Road.
Plans for the community call for 250 high-end single-family houses, 150 town houses and 250 multifamily residences. Morse Village would also feature 30,000 square feet of commercial space and restaurants, and a new roundabout at the intersection.
Morse Village would have three hubs: North Pointe, South Pointe and West Pointe. North Pointe would feature lakeside single-family, town house and multifamily housing with dining, retail and entertainment options. South Pointe would have single-family houses, green space and a centralized amenity area. And West Pointe would be the site of town houses and preserved landscape areas.
Morse Village would also have a preservation area called Eagle Park that would feature an eagle-watching and educational plaza highlighting the bald eagles that live on the property. The development would have 30 acres of dedicated green space and six miles of trails and sidewalks.
“That’s one of the neatest developments that we’ve done, and we can’t wait for the opportunity,” LOR Corp. CEO Adam Hill told councilors.
City Council members voted 6-0 to approve an economic development agreement with LOR in which the city pledged to provide $13.3 million in developer-backed tax-increment financing bonds for the project.
“We’ve seen a couple of proposals on these sites over the years, and they’ve really shied away from some of the obstacles, and you’ve treated them like opportunities,” City Council President Darren Peterson said. “Not just the eagle, but the gas lines and utilities and levee trail were always seen as a barrier, and you’ve taken advantage of that.”
The development built on agricultural land would be near the Morse Lake Marina, Morse Park & Beach, Harbour Trees Golf and Beach Club and Wolfies Grill Noblesville.
“Morse Village will serve as a gateway to Morse Reservoir, and Noblesville is fortunate to have such an asset in our city. This development will further strengthen our dedication to trails, quality of place, and community,” Noblesville Mayor Chris Jensen said in written remarks. “The Morse Village project will boost the existing amenities in this area while bringing new residential and commercial opportunities.”
Morse Reservoir opened in 1956 after Cicero Creek was dammed near East 196th Street in Noblesville.
The 1,500-acre reservoir is owned by Indianapolis-based Citizens Energy Group and has a shoreline of 32 miles where development of high-end housing and golf courses began in the 1970s.
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