North of 96th

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Carmel / restaurant closings / Hamilton County / Regional News

Shapiro's site in Carmel draws two bids

September 19, 2013

Two would-be buyers submitted wildly divergent offers for the former Shapiro’s Delicatessen in Carmel City Center, but any decision is at least a month away.

The Carmel Redevelopment Commission on Wednesday opened a pair of sealed bids for the 11,500-square-foot brick building, taking them under advisement until staff and outside counsel has a chance to review the proposals.

Under consideration: a $2.1 million offer from Indianapolis-based LOR Corp. and a $500,000 bid from locally based Eclipse Real Estate.

The minimum asking price was $2.1 million.

Bidders also were asked to disclose how they intend to use the property, but their responses were not read aloud with the offers.

The building is zoned for office, retail and commercial use.

LOR, which owns and manages almost three dozen commercial properties, sold the United Package Liquors chain to Big Red Liquors in March. Commission staffer Matt Worthley noted that its bid is contingent on terms spelled out in an accompanying document, but did not elaborate.

Company president Adam L. Hill, who attended the meeting, declined to provide details until the proposal is made public following a decision.

Staff will make a recommendation at the commission’s next meeting Oct. 16.

Shapiro’s built the eatery at 918 S. Range Line Road in 2001, kicking off the Carmel City Center redevelopment project. But nearby projects were slow to materialize, and the deli struggled financially.

The CRC bought Shapiro’s $2.5 million mortgage three years ago to help ease the strain; the restaurant closed in June.

Any thoughts on what should take its place?

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