The Town of McCordsville’s Town Council approved a $40 million mixed-use development on 48 acres at Tuesday night’s Town Council meeting.
The master development is the first step forward in the implementation of the Town Center Development Plan and will be anchored by McCord Square Apartments. Additional projects are planned for 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, Town of McCordsville Council President. “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.”
Located on the southeast corner of Broadway Avenue (S.R. 67) and Mt. Comfort Road, the development, called McCord Square, is a partnership between the Town of McCordsville, Rebar Development, and Pride Investment Partners. McCord Square accomplishes many goals set forth in the Town Center Development plan, including the creation of a defined, vibrant downtown district with a unique identity. McCord Square will diversify the tax base and is expected to add $50 million in assessed value by 2025.
“Rebar Development worked closely with the Town of McCordsville to develop a comprehensive plan for the new town center that sets the standard for high-quality downtown development,” said Shelby Bowen, President of Rebar Development. “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.”
Also announced, the first project scheduled to break ground in the new downtown district, McCord Square Apartments will bring 206 modern apartment homes to the new downtown district. The apartment community will consist of two buildings on each side of the new Civic Green with one and two-bedroom units and luxury amenities, including a resort-style courtyard, work-from-home lounge, pet park and spa, wellness studio, indoor bike storage and large balconies with expansive views.
The first floor of the McCord Square Apartment community will consist of six 1,000 sq. ft. commercial studios with street-facing entrances. The new commercial studios are all-inclusive—sharing amenities with the apartment community—and will have flexible lease terms.
“We could not be prouder of our involvement in this groundbreaking achievement that will serve the residents of the Town of McCordsville, and surely be a top gathering place, for years to come,” said Stephanie White, President of Pride Investment Partners. “We are thrilled to be partnering with Rebar and the Town on this outstanding development.”
Plans for future development in the new downtown district align closely with the Town Center Development Plan including the creation of a community gathering space and new McCordsville Town Hall. The Civic Commons outdoor amphitheater, connectivity throughout downtown and to existing neighborhoods, and a new park create a destination for residents and visitors to live and recreate. In addition, McCord Square will eventually add townhomes, three-bedroom and two-bathroom bungalow cottages, 20,000 sq. ft. of retail/office/restaurant space, and a daycare.
Construction on the McCord Square Apartments is scheduled to begin in February of 2022 with an anticipated completion date of summer in 2023. For more information, please visit www.rebardev.com.