IBJNews

City Center expansion plans could cost $100M

Back to TopCommentsE-mailPrintBookmark and Share

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.

carmel-city-center-2col.jpg

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.


 

ADVERTISEMENT

Post a comment to this story

COMMENTS POLICY
We reserve the right to remove any post that we feel is obscene, profane, vulgar, racist, sexually explicit, abusive, or hateful.
 
You are legally responsible for what you post and your anonymity is not guaranteed.
 
Posts that insult, defame, threaten, harass or abuse other readers or people mentioned in IBJ editorial content are also subject to removal. Please respect the privacy of individuals and refrain from posting personal information.
 
No solicitations, spamming or advertisements are allowed. Readers may post links to other informational websites that are relevant to the topic at hand, but please do not link to objectionable material.
 
We may remove messages that are unrelated to the topic, encourage illegal activity, use all capital letters or are unreadable.
 

Messages that are flagged by readers as objectionable will be reviewed and may or may not be removed. Please do not flag a post simply because you disagree with it.

Sponsored by
ADVERTISEMENT

facebook - twitter on Facebook & Twitter

Follow on TwitterFollow IBJ on Facebook:
Follow on TwitterFollow IBJ's Tweets on these topics:
 
Subscribe to IBJ
  1. Angela IS the best RD

  2. We are a nation of speed. All of our younger lives are filled with deadlines, quotas and bottom lines. We start to ease out of the pressured rat-race when we finally see "retirement." The most enjoyable travel on the planet is passenger rail service. Indy to Chicago does not beat Megabus or Southwest Airlines in speed. Passenger rail however has the best seating, mammoth legroon, seat backs that recline to more than 45 degrees and employers that really want you to return as a customer. Indiana municipalities need to maintain subsidies to support this transportation mode. Losing it is loss for all of us.

  3. Good day! I just want to testify how i got my loan from Mr. Eric Lefkofsky after i applied several times from various loan lenders who claimed to also testify right in this forum,i thought the testimonies where real and i applied but they never gave me loan. I was in need of an urgent loan to start a business and i applied from various loan lenders who promised to help but they never gave me the loan. Until a friend of mine introduce me to this popular Mr. Eric Lefkofsky who promised to help me and indeed he did as he promised without any form of delay. I never thought there are still reliable loan lenders until i met Mr. Eric lefkofsky who indeed helped me with the loan and changed my belief. I promised to share this testimony after I got my loan. I don't know if you are in any way in need of a genuine and urgent loan,free feel to contact Mr. Eric Lefkofsky via their email{grouponfunding@hotmail.com}

  4. Its a THUG issue. Bleecker Street and NYX are thug bars. They attract thugs of all races. Places that attract thugs need to be kicked out of Broad Ripple. Ain't nobody got time for that!

  5. Hello everyone, My name is Marian Gareth, I am from the Texas, United State, am here to testify of how i got my loan from Mr Andre Frank {frankloancompany@yahoo.com} after i applied Two times from various loan lenders who claimed to be lenders right in this forum,i thought their lending where real and i applied but they never gave me loan. I was in need of an urgent loan to start a business and i applied from various loan lenders who promised to help but they never gave me the loan.Until a friend of mine introduce me to Mr Andre Frank the C.E.O of Andre Frank Loan Company who promised to help me with a loan of my desire and he really did as he promised without any form of delay, I never thought there are still reliable loan lenders until i met Mr Andre Frank, who really help me with my loan and changed my lief for better. I don't know if you are in need of an urgent loan, free feel to contact Mr Andre Frank on his email{ Frankloancompany@yahoo.com} for help

ADVERTISEMENT