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. By Mr. Lee's own admission, he basically ran pro-bono ads on the billboard. Paying advertisers didn't want ads on a controversial, ugly billboard that turned off customers. At least one of Mr. Lee's free advertisers dropped out early because they found that Mr. Lee's advertising was having negative impact. So Mr. Lee is disingenous to say the city now owes him for lost revenue. Mr. Lee quickly realized his monstrosity had a dim future and is trying to get the city to bail him out. And that's why the billboard came down so quickly.

  2. Merchants Square is back. The small strip center to the south of 116th is 100% leased, McAlister’s is doing well in the outlot building. The former O’Charleys is leased but is going through permitting with the State and the town of Carmel. Mac Grill is closing all of their Indy locations (not just Merchants) and this will allow for a new restaurant concept to backfill both of their locations. As for the north side of 116th a new dinner movie theater and brewery is under construction to fill most of the vacancy left by Hobby Lobby and Old Navy.

  3. Yes it does have an ethics commission which enforce the law which prohibits 12 specific items. google it

  4. Thanks for reading and replying. If you want to see the differentiation for research, speaking and consulting, check out the spreadsheet I linked to at the bottom of the post; it is broken out exactly that way. I can only include so much detail in a blog post before it becomes something other than a blog post.

  5. 1. There is no allegation of corruption, Marty, to imply otherwise if false. 2. Is the "State Rule" a law? I suspect not. 3. Is Mr. Woodruff obligated via an employment agreement (contractual obligation) to not work with the engineering firm? 4. In many states a right to earn a living will trump non-competes and other contractual obligations, does Mr. Woodruff's personal right to earn a living trump any contractual obligations that might or might not be out there. 5. Lawyers in state government routinely go work for law firms they were formally working with in their regulatory actions. You can see a steady stream to firms like B&D from state government. It would be interesting for IBJ to do a review of current lawyers and find out how their past decisions affected the law firms clients. Since there is a buffer between regulated company and the regulator working for a law firm technically is not in violation of ethics but you have to wonder if decisions were made in favor of certain firms and quid pro quo jobs resulted. Start with the DOI in this review. Very interesting.

ADVERTISEMENT