A groundbreaking was held today for Federal Hill Commons, the fifth park in the City of Noblesville. The 6.75-acre park in Downtown Noblesville is anticipated to open in the fall of 2016.

Mayor John Ditslear said he is excited about the park’s potential and the numerous memories it will provide patrons.

“Federal Hill Commons will not just be another great park in Noblesville. The 6.75-acres will extend our downtown across the White River. It will be a catalyst for economic growth and development on the west side. It will be used not only as a gathering space for events and music but will become a destination for residents, employees and guests,” Ditslear said. “We want the park to be a focal point and be everlasting like our 100-year-old Forest Park.”

Federal Hill Commons will provide a setting that encourages the arts and cultural programs while incorporating the rich history of Federal Hill, which dates back to the 1800s. The park, located between Ind. 19 and Logan and Conner streets, will be a year-round community amenity that mixes fun, art, history and green space and serve as an economic driver. The park meets 13 of the 84 objectives on the recently completed 10-year comprehensive master plan. Federal Hill Commons will improve the city’s west gateway and provide Downtown Noblesville to extend across the White River.

“I’m excited about this new amenity for the community to utilize. It think it is going to be a great asset and is going to be the catalyst to expanding our incredible downtown to the west. It will become the gathering space for culture, play and fun,” Noblesville Parks Department Director Brandon Bennett said.

In November the Noblesville Common Council approved $6 million in funding to build the park. Funding will come from the Logan Street TIF District, which pulls money from the tax base of Noblesville and can be used for city projects.

The estimated economic benefit for the city is estimated at $1.3 to $1.6 million annually, with a return on investment between six and eight and a half years. Surrounding properties to the park are estimated to see a 12 to 15 percent property value increase with its completion. It is also expected to create more private development in the area.