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Council backs Project Grain economic agreement to redevelop former mill site in south downtown
Summary
The council approved resolution RC-31-24 to advance Project Grain, a mixed-use redevelopment on the former Noblesville Milling Company site. Officials described it as a major private investment with a city incentive to be finalized in later approvals.
Noblesville city leaders on Aug. 13 voted to approve resolution RC-31-24, authorizing terms to pursue an economic development agreement with the Florian Collins company for a mixed-use redevelopment of the former Noblesville Milling Company site along the Pleasant Street corridor.
Mayor Jensen framed the redevelopment — referred to in staff materials as Project Grain — as a “shot in the arm” for south downtown and detailed features that would include a four-story mixed-use building with resident amenities, approximately 225 apartments, roughly 5,000 square feet of commercial space and structured parking with public access. He emphasized trailhead amenities for the Nickel Plate and Midland Trace trails, public restrooms and bike facilities as part of the southern site.
Assistant director of Economic Development Chuck cman provided project metrics and timing and said staff anticipates closing the incentive package around Q3 2025, followed by a two-year build. Staff described the overall private investment as approximately $67 million and referenced a city contribution identified in the presentation packet and agreement materials. The council discussed the project’s fit with pending corridor planning and several members raised concerns about the amount of public incentive relative to the unfinished portions of the overall property plan.
At least one council member, who recorded opposition on the floor, said he could not support a taxpayer-funded incentive without a more complete plan for the full corridor. The council voted 8–1 to approve the resolution (vote recorded in the meeting transcript as 8 yes, 1 no). Staff said the resolution authorizes the city to execute the development agreement as presented and that future zoning approvals and final incentive terms will return to the council for specific approvals.
The approval advances predevelopment and incentive negotiations; it does not finalize zoning or site-level construction permits. Staff said final incentive documents, closing timelines and detailed terms will be brought back for council approval ahead of any funding transfer.
