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Buckingham set to redevelop Carmel shopping center

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Buckingham Cos. is set to redevelop a dated shopping center on one of Carmel’s main thoroughfares as part of its plans to revive its adjacent Gramercy project.

The Carmel Marketplace on East Carmel Drive near Keystone Avenue is anchored by The Fountains Banquet & Conference Center, which occupies a 49,000-square-foot building that once housed a Marsh Supermarkets store.

Built in the early 1990s, the center also features two 15,000-square-foot strip buildings on each side of the seven-acre property. The property is 82-percent leased; tenants include FedEx, Kinko’s and Subway.

“It’s a great location on Carmel Drive, but it just needs to be refreshed,” said John B. Cumming, senior vice president of development for Buckingham Cos.

Indianapolis-based Buckingham, which owns the property, is planning the overhaul—which could include demolition—to coincide with the revival of its Gramercy redevelopment.

Buckingham shelved the $500 million Gramercy project when the economy tanked in 2008. It was to include more than 2,000 apartments. The company now plans to move forward with the redevelopment, which is at the southwest corner of Keystone and 126th Street, but on a smaller scale.

The company, which developed the massive CityWay project in downtown Indianapolis, is talking with potential tenants for the shopping center that could fill spaces ranging from 2,000 square feet to 50,000 square feet, Cumming said.

Carmel Marketplace is directly south of the Mohawk Hills apartment complex, which Buckingham originally planned to demolish to make way for the Gramercy project. It now plans to renovate the apartments.

A redeveloped Carmel Marketplace serving as an entry to Gramercy would be the latest of several retail upgrades in the area.

Kite Realty Group Trust overhauled two shopping centers it owns at 116th Street and Rangeline Road in Carmel. The Indianapolis-based developer landed new tenants, including specialty grocer Earth Fare and a handful of restaurants, for its renovation and re-tenanting of The Centre and The Corner.

Despite its own appearance, Carmel Marketplace remains a solid property, retail brokers say.

“It’s good real estate positioned in the main Carmel thoroughfare,” said Jacqueline Haynes, a retail broker and vice president at Cassidy Turley. “There’s not a lot of opportunity to have street-front retail, and I think [Buckingham] can create that.”

Gary Perel, a retail broker at Newmark Knight Frank Halakar who is listing the Fountains space, concurred.

“It’s time to get something done,” he said. “It’s probably one of the larger infill opportunities in Carmel.”

Buckingham purchased the Mohawk Hills property containing 564 apartment units and a nine-hole golf course in 2004 from a Chicago group for roughly $30 million.

The developer plans to finally start work on Gramercy by the end of the year, Cumming said. The new plan for the 116-acre site calls for 1,276 residential units, 39 percent fewer than the company planned back in 2006.
 

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  1. Cramer agrees...says don't buy it and sell it if you own it! Their "pay to play" cost is this issue. As long as they charge customers, they never will attain the critical mass needed to be a successful on company...Jim Cramer quote.

  2. My responses to some of the comments would include the following: 1. Our offer which included the forgiveness of debt (this is an immediate forgiveness and is not "spread over many years")represents debt that due to a reduction of interest rates in the economy arguably represents consideration together with the cash component of our offer that exceeds the $2.1 million apparently offered by another party. 2. The previous $2.1 million cash offer that was turned down by the CRC would have netted the CRC substantially less than $2.1 million. As a result even in hindsight the CRC was wise in turning down that offer. 3. With regard to "concerned Carmelite's" discussion of the previous financing Pedcor gave up $16.5 million in City debt in addition to the conveyance of the garage (appraised at $13 million)in exchange for the $22.5 million cash and debt obligations. The local media never discussed the $16.5 million in debt that we gave up which would show that we gave $29.5 million in value for the $23.5 million. 4.Pedcor would have been much happier if Brian was still operating his Deli and only made this offer as we believe that we can redevelop the building into something that will be better for the City and City Center where both Pedcor the citizens of Carmel have a large investment. Bruce Cordingley, President, Pedcor

  3. I've been looking for news on Corner Bakery, too, but there doesn't seem to be any info out there. I prefer them over Panera and Paradise so can't wait to see where they'll be!

  4. WGN actually is two channels: 1. WGN Chicago, seen only in Chicago (and parts of Canada) - this station is one of the flagship CW affiliates. 2. WGN America - a nationwide cable channel that doesn't carry any CW programming, and doesn't have local affiliates. (In addition, as WGN is owned by Tribune, just like WTTV, WTTK, and WXIN, I can't imagine they would do anything to help WISH.) In Indianapolis, CW programming is already seen on WTTV 4 and WTTK 29, and when CBS takes over those stations' main channels, the CW will move to a sub channel, such as 4.2 or 4.3 and 29.2 or 29.3. TBS is only a cable channel these days and does not affiliate with local stations. WISH could move the MyNetwork affiliation from WNDY 23 to WISH 8, but I am beginning to think they may prefer to put together their own lineup of syndicated programming instead. While much of it would be "reruns" from broadcast or cable, that's pretty much what the MyNetwork does these days anyway. So since WISH has the choice, they may want to customize their lineup by choosing programs that they feel will garner better ratings in this market.

  5. The Pedcor debt is from the CRC paying ~$23M for the Pedcor's parking garage at City Center that is apprased at $13M. Why did we pay over the top money for a private businesses parking? What did we get out of it? Pedcor got free parking for their apartment and business tenants. Pedcor now gets another building for free that taxpayers have ~$3M tied up in. This is NOT a win win for taxpayers. It is just a win for Pedcor who contributes heavily to the Friends of Jim Brainard. The campaign reports are on the Hamilton County website. http://www2.hamiltoncounty.in.gov/publicdocs/Campaign%20Finance%20Images/defaultfiles.asp?ARG1=Campaign Finance Images&ARG2=/Brainard, Jim

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