The city of Noblesville has unveiled a master plan for a 274-acre development in partnership with Chicago-based MAB Capital Investments LLC. The city says Hyde Park will include commercial, residential, office and recreational space.

The project will be located near Hamilton Town Center, just off I-69 and Exit 210. The city says the project will feature a senior living community, multi-family residences and townhomes, office space, restaurants and various businesses and retail.

“Hyde Park provides the city with a long-range plan in one of the most sought after areas of our city. This project gives us a vision plan to help guide development trends,” said Sarah Reed, community and economic development director for the city. “These are suggested uses and each piece of the project will come through the Noblesville Common Council as a new development.”

As part of the project, MAB Capital Investments will create a 162-acre park that will include more than two miles of trails. The firm will also install 2,800 feet of road and bridge infrastructure.

The city says it will issue a series of developer-backed TIF bonds totaling no more than $35 million to be used for infrastructure and site improvements. Mayor Chris Jensen says the bonds create zero risk to taxpayers.

Construction on Hyde Park is set to begin before the end of 2022. The city says the full project is expected to take about 10 years to complete.

We’ll have more on the project from Mayor Jensen on Thursday’s Morning Briefing e-newsletter.