Image showing the layout plans for McCord Square
Provided photo
McCORDSVILLE – The possibilities of restaurants, apartments and more was discussed among town officials for the town’s new center – McCord Square.
Tim Gropp, town manager for McCordsville, said at the McCordsville Redevelopment Commission meeting on Tuesday that phase one is going well so far and has had a lot of success with the first five buildings, which includes the two apartment buildings, the IU Health facility, the new police station and the NineStar Connect building.
Gropp said that for the remaining parcels, he would like to see Rebar Development, a real estate development company, be a master developer with logistics for the remaining parcels that they own. Gropp said that Shelby Bowen, CEO of Rebar, would be open to that and has a few companies already interested in the parcels.
“He’s working with some different groups on these, and we like where he is going with a lot of it,” said Gropp at the meeting.
Gropp said he wanted to package what remains into one group and work with one bond for payment, figuring out what infrastructure needs to be completed – doing one deal moving forward and closing out phase one.
While numbers aren’t finalized yet due to wanting to know what exactly is being built, Gropp said they have talked about a 90/10 bond concept. Gropp also said they had discussed a draw bond, since not all the projects will be developed day one, and have conditions and timelines so the town doesn’t have to track the money, but make sure Rebar is following plans accordingly.
Gropp said he and Ryan Crum, planning and building director, haven’t had a chance to determine what they want to demand of the development and the costs.
Gropp said it was mentioned that a firm wants to locate their headquarters in McCord Square and build apartments above.
There is also a two-story building that will have a restaurant on the first floor and apartments above, as well as talks with another restaurant coming to the center.
Gropp said that one of the items the town would like to see is a maintenance garage be built on one of the parcels, where a full-time employee – possibly two – would be able to store equipment and take care of the routine upkeep of Old School Park and the new town square.
Next steps for the center also include working on the connector roads and the major park development in the middle of the center.
Greg Brewer, town council president and RDC member, said he would like to see the sites located between the IU Health and the two apartment buildings filled to prevent a gap of vacancy.
“You want that connectivity, and you want it to look like that urban feel,” said Brewer at the meeting. “To make it more appealing because if you don’t, and those sits vacant it doesn’t really attract the kind of development we really want.”
Gropp said while some developments are not a done deal yet, the good news is that there is activity and interest within the areas and they are “kind of riding the wave of momentum.”
Gropp also said with the number of apartments that are being proposed for the area, they will do a housing study.
The RDC also discussed roads and roundabouts that are in future plans, such as a roundabout at CR 750 N and CR 600 W, which Gropp said that they are currently in design for and trying to figure specific funding since it will have to move to the west due to the cemetery.
Crum said that they are currently on schedule to finish The Lucas and The Jackson – Rebar’s two mixed-use buildings – in early-to-mid summer, both the IU Health facility and the police station are on schedule to complete in fall of this year, and the Ninestar building is anticipated to break ground later this spring or early summer.
