McCORDSVILLE — Lawyers for McCordsville and a developer have finished an agreement over the start of a town center, which officials will consider today (Tuesday, Aug. 17).
The agreement, between the town and Fishers-based Rebar Development, addresses the first part of McCord Square, a multi-phase project envisioned on about 48 acres at the southeast corner of Broadway and Mt. Comfort Road. A total of more than 100 acres in that area is eyed for McCordsville’s future town center, a mix of commercial, residential and community space.
Under the pending agreement, Rebar Development would develop two four-story buildings with a total of about 200 studio, one- and two-bedroom apartments and 6,000 square feet of commercial space. The development is estimated to cost about $31 million and would include amenities like a pool; courtyard; work-from-home lounge; pet park; pet spa; fitness and wellness studio; indoor bike storage; large balconies overlooking a future civic green space; and rooftop amenities on at least one of the buildings.
Both buildings are part of McCord Square’s first phase, which also eventually calls for a civic green space; about 25 to 30 single-family attached townhomes; retail, office and restaurant space; and shared neighborhood amenities like walking paths and at least one pond.
Infrastructure for the first phase of McCord Square is estimated to cost about $8 million, and includes improvements like roads, ponds and walking paths. Per the agreement, McCordsville would fund $4 million of the infrastructure costs through a bond issue.
The agreement also calls for the creation of a distinct tax allocation area for the mixed-use buildings, taxes from which would go toward paying off a bond helping to fund the project.
Jerimi Ullom, an attorney with Hall, Render, Killian, Heath & Lyman in Indianapolis, represented McCordsville in the negotiations over the agreement.
“It helps the town flesh out all of the details; it helps the developer understand what to expect; and allows them to have good discussions with their investors or their lenders around the totality of the project,” Ullom said of the agreement at a town council meeting last week.
Ullom emphasized the agreement does not eliminate the need to go through steps the town council and town’s redevelopment commission would typically go through as a part of the project, like authorizing bond issues and acquiring and selling property.
“You shouldn’t view the project agreement as the definitive step by any stretch,” he told council members.
Shelby Bowen, president of Rebar Development, agreed.
“In my experience, these public-private partnerships give the town and its staff a lot more involvement and influence, because you’re a partner, but also we have the obligation to work with you every step of the way, through design, civil engineering, et cetera,” Bowen said.
The 40-page agreement was provided to town council members shortly before the meeting, prompting them to table a vote on the document until they could read it. They called a special meeting for today to vote on the agreement in time for Rebar Development to close on part of the land slated for the project.
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- Two four-story buildings
- 206 apartments (studio, one- and two-bedroom)
- 6,000 square feet of commercial space
- $31 million
- Part of planned McCord Square and town center
- Developer: Fishers-based Rebar Development
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WHAT: McCordsville Town Council special meeting
WHEN: 6 p.m. Tuesday, Aug. 17
WHERE: McCordsville Town Hall, 6280 W. 800N, McCordsville
WHY: The council will consider an agreement with a developer over a proposed mixed-use development
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