Noblesville Common Council Approves Levinson Mixed-Use Project Agreement

09/11/2018

 

The Noblesville Common Council approved the agreement with Rebar Development for The Levinson, a $24.3 million mixed-use downtown project, on Tuesday, September 11. The agreement forms a public-private partnership with Rebar, the financial mechanism to fund the project as well as the parameters of how to ensure the project is successful.

“When we first announced the Noblesville NOW capital improvement plan, we were serious about getting to work right away on these critical projects, so I am excited to have the Levinson moving forward as the first of these projects – providing commercial space, modern apartment homes, and a parking garage in Downtown Noblesville,” said Mayor John Ditslear. “Sometimes you need to make history as well as preserve it. And in the case of the Levinson, building the first new downtown apartments in 100 years, we can do both – while finally putting to rest the debate about parking in our downtown.”

The project includes 73 market-rate and 10 affordable-rate studio, one- and two-bedroom modern apartments with a rooftop deck and contemporary amenities. Additionally, the 2,000-square-foot lobby along Eighth Street will include a public exhibit of Downtown Noblesville’s rich history. Along Ninth Street, 5,100 square feet of commercial space will be available for retail, office, or a restaurant. The project also includes a four level, 337-space parking garage. A minimum of 237 spaces will be available for paid public parking. Approximately 50 to 100 will be reserved for apartment residents, leaving 237 spaces for public use by permit holders and hourly visitors – a net gain of 167 spaces above the 70 spaces of the current surface lot.

Rebar will meet with the design review panel and other stakeholders while the city’s planning process gets underway. The introduction of the Levinson’s design and downtown mixed-use overlay is expected to be in front of the council in November. That will be followed by technical advisory committee and the plan commission meetings before returning to the common council for final approval in January.

“We believe the Levinson is the right project in the right location to strengthen our downtown. However, we also have to get the right look that complements the historic and small-town charm that defines Noblesville,” said Deputy Mayor Steve Cooke. “Council’s decision tonight was not about the ‘bricks’ per se, but rather the legal and financial ‘mortar’ that will hold the bricks together and make this a successful project for everyone.”

The Levinson is named after one of the pioneer families in Noblesville. Nationally known attorney, S. O. Levinson, donated his family’s former homestead to the city in 1938. A portion of the land was used as the former City Hall site before becoming a public parking lot. The project is bordered by Eighth and Ninth streets, Maple Avenue and the alley south of Conner Street.

As part of the developer’s agreement, the city will use an economic development bond to fund $16 million including $13.2 million for the public parking garage. The city is expected to garner nearly $8.8 million in new assessed value for the project, in addition to revenue from parking permits and hourly fees. Construction is expected to start in March with plans for the garage to be completed and open by January 2020. The apartments are anticipated to open in the fall of 2020.