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City Center expansion plans could cost $100M

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Six more buildings planned for the massive Carmel City Center development are ready to come off the drawing board.

Developer Pedcor Cos. on Tuesday unveiled conceptual designs for four mixed-use buildings, a parking garage with ground-floor commercial, and an addition to its Pedcor Square office complex. The additions are expected to cost $80 million to $100 million, and take four to five years to build.

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Work is under way on The Nash, a three-story, $10 million mixed-use building that kicked off the second phase of the ambitious redevelopment project earlier this year. More than half of the commercial space there already is leased, said Bruce Cordingley, Pedcor's president and CEO.

Tuesday’s announcement provided a glimpse of what else could join the sprawling commercial-and-residential hub at the corner of City Center Drive and Range Line Road. Also part of City Center are the iconic Palladium concert hall and the Center for the Performing Arts, projects that represent a public investment of about $200 million.

"This is our vision" for all but the last two or three buildings at City Center, Cordingley said, calling the designs preliminary. "We welcome ongoing input."

Cordingley said the timing and financing of projects will be determined after talks with the Carmel City Council and city development groups, expected to begin early next year.

Outgoing City Council President Rick Sharp and council Finance Committee Chairwoman Luci Snyder each expressed support for Pedcor's plans, saying that finishing the City Center project is a priority. After her public remarks, Snyder said public funds could be used to pay for roads and other infrastructure, including parking.

"That's our job," she said.

City Center’s first phase included 106 apartments and 62,000 square feet of retail/commercial space. The Nash, which is going up along Range Line Road south of City Center, will have 8,000 square feet of street-level commercial space and 31 one-, two- and three-bedroom apartments on the upper floors.

The city agreed to pay for $2 million of infrastructure improvements for The Nash, Cordingley said. Pedcor's investment is about $10 million. The developer likely will ask for a similar level of city support for the rest of the second phase, he said, citing the 5-to-1 ratio of private-to-public investment. 

Developer Anderson Birkla, meanwhile, is working on The Mezz—a pair of five-story buildings going up on either side of the James Building, which houses the Tarkington Theater and other tenants.

Pedcor has developed the bulk of the ambitious City Center project in partnership with the city of Carmel and its redevelopment commission, which has contributed tax-increment financing revenue.

Plans for a boutique hotel there have not yet come to fruition, but Mayor Jim Brainard said that’s still on his wish list. Residences on the upper floors of a planned six- or seven-story tower—one of the buildings unveiled Tuesday—could be converted to hotel rooms, he said.

Here’s a rundown on the planned buildings, most named for noted British architects:

—The Baldwin and The Chambers: a pair of four-story structures to be built south of Carmel City Center and north of The Nash. Office and commercial space is planned for the first two floors; upper floors will be residential. Cordingley said The Chambers likely will be the first building constructed, since it will fill in the streetscape along Range Line.

—The Holland: a five-story building west of The Nash, along the east side of the Monon Trail. Plans call for first-floor commercial and four floors of residential or office space, depending on market demand.

—The Wren Towers: a six- or seven-story building just west of The Baldwin and City Center (and south of the future hotel site). Plans call for ground-floor parking and commercial uses, plaza-level commercial and residences on the upper floors.

—Parking garage: a four- or five-level parking structure, likely with 650 spaces, west of The Nash and south of City Center. Retail and offices are envisioned for a portion of the ground floor. The parking garage must open about the same time as the first mixed-use building, Cordingley said.

—Five Pedcor Square: a two-story office building connected to underground parking at Pedcor’s existing complex at City Center Drive and 3rd Avenue NW. A partial third story could be added. Cordingley said Pedcor is in talks with a possible tenant.

If financing falls into place, the City Center expansion could begin as soon as next year, he said. Each building takes about two years to complete.


 

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  1. Aaron is my fav!

  2. Let's see... $25M construction cost, they get $7.5M back from federal taxpayers, they're exempt from business property tax and use tax so that's about $2.5M PER YEAR they don't have to pay, permitting fees are cut in half for such projects, IPL will give them $4K under an incentive program, and under IPL's VFIT they'll be selling the power to IPL at 20 cents / kwh, nearly triple what a gas plant gets, about $6M / year for the 150-acre combined farms, and all of which is passed on to IPL customers. No jobs will be created either other than an handful of installers for a few weeks. Now here's the fun part...the panels (from CHINA) only cost about $5M on Alibaba, so where's the rest of the $25M going? Are they marking up the price to drive up the federal rebate? Indy Airport Solar Partners II LLC is owned by local firms Johnson-Melloh Solutions and Telemon Corp. They'll gross $6M / year in triple-rate power revenue, get another $12M next year from taxpayers for this new farm, on top of the $12M they got from taxpayers this year for the first farm, and have only laid out about $10-12M in materials plus installation labor for both farms combined, and $500K / year in annual land lease for both farms (est.). Over 15 years, that's over $70M net profit on a $12M investment, all from our wallets. What a boondoggle. It's time to wise up and give Thorium Energy your serious consideration. See http://energyfromthorium.com to learn more.

  3. Markus, I don't think a $2 Billion dollar surplus qualifies as saying we are out of money. Privatization does work. The government should only do what private industry can't or won't. What is proven is that any time the government tries to do something it costs more, comes in late and usually is lower quality.

  4. Some of the licenses that were added during Daniels' administration, such as requiring waiter/waitresses to be licensed to serve alcohol, are simply a way to generate revenue. At $35/server every 3 years, the state is generating millions of dollars on the backs of people who really need/want to work.

  5. I always giggle when I read comments from people complaining that a market is "too saturated" with one thing or another. What does that even mean? If someone is able to open and sustain a new business, whether you think there is room enough for them or not, more power to them. Personally, I love visiting as many of the new local breweries as possible. You do realize that most of these establishments include a dining component and therefore are pretty similar to restaurants, right? When was the last time I heard someone say "You know, I think we have too many locally owned restaurants"? Um, never...

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