The town of McCordsville has taken another step towards developing business and attracting residents and visitors to its community. The town council has approved a $40 million mixed-use development as part of its Town Center Development Plan. The town says the McCord Square Apartments will serve as anchor to the new downtown district development.

“The Town of McCordsville has planned for the development of a town center for more than a decade,” said Barry Wood, president of the McCordsville Town Council. “With the master development agreement substantially approved with Rebar Development, we are confident that McCord Square will become an economic driver for the area as well as meet critical needs of our growing community.”

The development, called McCord Square, is a partnership between the town, Fishers-based Rebar Development, and Pride Investment Partners of Greenfield. It would located near State Road 67 and Mount Comfort Road.

Town officials believe the project will diversify the tax base and is expected to add $50 million in assessed value by 2025.

“We are very excited to be a part of this transformational step forward in creating a town center in the heart of McCordsville and are ready to meet the demand for the first high-quality mixed-use project in Hancock County,” said Shelby Bowen, president of Rebar Development.

Construction on the McCord Square Apartments is scheduled to begin in February of 2022 with an anticipated completion date of summer in 2023.