McCORDSVILLE — Developers, property owners and officials are considering another mixed-use development on the town’s south side.
They’re looking at about 26 acres at the southwest corner of Mt. Comfort Road and County Road 600N for building market-rate apartments and drawing commercial businesses.
The site is just north of another parcel being considered for a mixed-use development involving single-family and multi-family properties along with commercial developments.
Steve Hardin gave an informal development presentation on the proposal at a McCordsville Town Council meeting earlier this month. He and a group of other local real estate professionals bought the land almost 20 years ago and have been watching the town develop and waiting for the right moment to pursue an idea.
With all of the job creation to the south of McCordsville along and near the Mt. Comfort Corridor and a lack of multi-family housing in the area, he and his colleagues feel that moment has arrived.
“We think the time’s probably right to help set the stage for what this part of the town can look like, and we’re open to collaboration with the town as we move forward,” Hardin said.
Scott Baldwin is Hardin’s business partner on the project. Together they’ve developed similar mixed-use projects, including the Spark property in downtown Fishers, which has 211 apartments, a variety of commercial businesses and a parking structure.
“We’re very tuned in with the multi-family market,” Hardin said.
Baldwin agreed that the economic development occurring in western Hancock County is driving demand for multi-family housing.
“I think that when you see that level of job growth, the very next thing you think of is getting people to continue to live there, so I think a project is probably in order,” he said.
Hardin emphasized the team’s plans are preliminary and bound to go through revisions, but that they’re currently considering 240 apartments in three-story buildings with tuck-under garages in the back. The buildings would have a variety of exterior materials and house a mix of studios, one-bedroom and two-bedroom units, but likely not three-bedrooms.
“Three-bedrooms typically generate a lot more school-age students, and we would anticipate that this is probably more aimed at that millennial — 20s, 30s and maybe up into the 40s — age group,” Hardin said.
Renters would likely be making $30,000 to $70,000 a year, he continued, but added more study would need to go into the area’s income levels.
For the commercial part of the project, Hardin envisions developments like convenience stores and restaurants along with dental and doctors’ offices.
He and Baldwin said they look forward to more work on determining the feasibility of the project.
Larry Longman, a McCordsville Town Council member, reiterated his stance on the town needing more multi-family housing.
“I don’t know if this price point exactly fits workforce housing, but it fits a younger generation, and I think this is something that we could use here in McCordsville,” he said.
Barry Wood, president of the council, agreed on the need and said he’s looking forward to learning more as well.
“I think there’s value to move forward and just keep working on how we want to lay it out, and what we’re looking at detail-wise,” he said.
