NOBLESVILLE, Ind. (WISH) — The Noblesville Common Council on Tuesday approved plans for a multimillion-dollar development on the site of the old Noblesville Milling Company’s granary on Tuesday.

Indianapolis-based Flaherty & Collins Properties will develop about 3 acres of vacant land along Pleasant Street between South Eighth, South Ninth, Mulberry, and Walnut streets.

Dubbed The Granary, the mixed-use project will have a parking garage, 225 apartments, and 5,000 square feet of retail space. The site will also include trailheads to the Midland Trace and Nickel Plate trails, with restrooms and locker rooms.

The $67 million project will be a private-public partnership. The land is privately held. The city will contribute around $13 million in tax increment financing (TIF) funds. In a TIF district, taxes for the area are redirected from the city government, schools and other sources for a limited time.

The rest of the project will be privately funded.

Noblesville Mayor Chris Jensen told News 8, “It really focuses on revitalizing the south end of downtown. It’s actually sitting on the site of the Noblesville Milling Company.”

Jensen says the name of the development pays homage to what was once on this site.

The proposal’s amenities including a saltwater pool, aqua lounge co-working spaces, a gym, an outdoor patio with grills and firepits, and a game room.

The Republican mayor envisions as one or more restaurants as part of the retail space. “Since there are three trailheads converging on this site, there will be bike racks, lockers. We imagine restaurant, retail space on this space because you’re going to see a ton of foot and bike traffic.”

Jensen says The Granary project marks another step in growing the city, which has about 74,000 residents, according to estimates.

“Noblesville is a highly sought-after community. It’s now the ninth-largest city in the state of Indiana. We’ve had great growth in our community. We’re seeing a lot more millennials and empty-nesters looking to urban-suburban communities like Noblesville to call home.”

Noblesville also has been one of Indiana’s fastest-growing cities.

The mayor said, “One of the biggest existential threats Indiana faces is population growth. If we want to continue to be the player that we are in the United States, really, the player that we are internationally, we have to continue to grow our population.”

“We use materials that fit in with the historic aesthetic of our downtown. So anytime we do a project downtown, we very carefully examine how it honors our city’s history.”

In a news release about the plans, Jensen says it’s the first of many projects coming to the area. “One that will further invest in the livability for current and future Noblesville residents. A priority for my administration, this development will feature architecture that complements the surrounding historic area, provides a new housing option, walkable and neighborhood-oriented amenities, and pedestrian connectivity to the nearby trail system.”

A spokesperson for the city says Tuesday’s vote was the first step in the process. The plans next will go in front of Noblesville Redevelopment Commission at 9 a.m. Thursday at City Hall for a vote.

Developers still need to finish the engineering and design plans. Once done, the city will have a period to finalize the economic development agreement.

The council will need to approve the economic development agreement and the zoning.

If approved, construction at the Noblesville Milling Co. site would start in summer 2025 and should be completed in summer 2027.

Renderings provided by Noblesville city government.