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Developers outline $300M-plus buildout at Hyde Park as council introduces bond authorizations
Summary
Developers and city staff told the Noblesville City Council the Hyde Park development has advanced infrastructure and early phases are under construction; council introduced several bond ordinances and an allocation-area resolution that would pledge tax increment to fund developer purchase bonds.
Developers and city staff offered an update on the Hyde Park mixed-use project at the Nov. 4 Noblesville City Council meeting and the council introduced multiple bond ordinances to support next phases.
Steve Ball, president of MAB Capital Investments and Bedrock Builders, said site earthwork and regional detention are complete, water lines and lift stations are operational and cut-and-fill activities are finished. He said the 141st Street connection and the bridge over Sand Creek are about 40% complete and that the team plans to apply to FEMA for the bridge permit within about 60 days; if FEMA approval proceeds on schedule the bridge construction would begin roughly a year later and could be open by Dec. 31, 2027.
Ball listed projects now moving forward: a JC Hart apartment project (358 units across two phases), the Edward Rose and Sons Company buildings (four stories each, elevator-served), Trinitas/Avanza townhome and duplex work, Fisher Homes townhomes and other for-sale neighborhoods. He estimated MAB’s direct investment at roughly $48,000,000 and said total capital across Hyde Park projects may reach $300–$350 million, up from earlier projections in the $142–$150 million range.
City staff and the council introduced ordinances and resolutions to enable financing for several Hyde Park projects. Amy Smith said the ordinance previously approved in March contemplated financing only the first phase with a bond amount not to exceed $5,000,000; Edward Rose has elected to pursue phases 1 and 2 together and the new proposed bond for that allocation area would be for an amount not to exceed $7,500,000, with an interest rate not to exceed 8% and a term of 25 years. Council members were told that tax increment in the Hyde Park allocation area would be pledged to the debt service payments and that several allocation-area adjustments will be created so each project can be financed separately.
Council introduced Ordinance 41-11-25 (Edward Rose/Link at Hyde Park) and also introduced Ordinances 42-11-25 (Avenza/Trinitas; developer purchase bond not to exceed $7,000,000) and 43-11-25 (Village at Hyde Park; developer purchase bond not to exceed $7,500,000). Resolution RC-40-25, which establishes the Avanza and Village allocation areas and pulls increments from the larger Hyde Park area, was approved by the council on a hand vote 9-0; staff said the increment from these new areas would be pledged at 85% to project debt service.
Most Hyde Park bond ordinances were introduced for future council action; Smith confirmed the formal votes on the bond ordinances will occur at a later meeting. Ball and other developers said they will continue coordination with the city’s planning and parks staff on design details and public amenities such as the proposed passive park along Sand Creek.
The council’s action on allocation areas and the presentation make clear the city and private developers expect multiple projects and tax-increment financing to proceed in tandem as infrastructure permits and FEMA approvals are obtained.
