IBJNews

Home-remodeling firm giving new life to vacant Carmel center

Back to TopCommentsE-mailPrintBookmark and Share

A Carmel company has purchased a vacant strip center in the heart of the city with plans to occupy more than half the space as part of a $1.7 million investment in the property.

Case Design/Remodeling Inc. bought the 14,520-square-foot building at 99 E. Carmel Drive, just east of South Rangeline Road and not far from Carmel City Center, out of foreclosure in August.

REW Case design rendering 15colThe revivified strip center on Carmel Drive will give Case a high-profile locale. (Image courtesy Case Design/Remodeling Inc.)

The home-remodeling company plans to move in June following a three-month build-out of its new space. Case Design was founded in 2003 by Larry Greene and leases 5,000 square feet less than a half-mile away, on West Carmel Drive.

Greene had searched the past five years for a building to buy with the goal of remaining in the area.

“We thought it was important to be on Carmel Drive and keep our visibility,” he said. “Being at the gateway of Carmel has been a big factor for us.”

The aging strip center was built in 1990 in part by Lauth Property Group and was purchased by an entity called Pine Tree Indiana LLC in November 2004. Pine Tree, which owned a portfolio of 10 retail properties, let the building fall into foreclosure in September 2012. Case Design bought it from Wells Fargo Bank.

The center’s largest and last tenant was a Fifth Third Bank branch, which left in January 2013 to reopen in a newly constructed building a stone’s throw away.

“With that City Center development, they’ve pulled a lot of tenants out of other people’s properties, and I think this was a victim of that to some extent,” said Joseph DiSalvo, an office broker at Marcus & Millichap Real Estate Investment Services. “It is a bit dated, but it still sits in a good spot.”

One of the more interesting aspects of the renovation is Case Design’s plan to convert the bank drive-through to a showroom by installing large windows in the bay areas.

The bank vault, complete with a 16-inch steel door and reinforced concrete walls, will be converted into a conference room.

Case Design has installed a new roof on the building with other exterior improvements to follow, including better landscaping and lighting, a repaved parking lot and lighted signage for tenants. The company also is seeking approval to install a “monument-style” sign to list tenants together on the same panel.

After Case Design takes about 8,200 square feet, or more than half the strip center’s space, four storefronts will remain, Greene said. Those spaces range in size from 1,100 to 2,900 square feet.

Greene has yet to sign any tenants, but he said the building is generating interest from a mix of potential office and retail users. Lee & Associates is the leasing agent for the property.

Rents will range from $13 to 17 per square foot, said Cindy Hoskinson of the Lee & Associates brokerage.

“Structurally, it’s very sound,” she said. “It’s not what Carmel’s looking for, not being right up against the street with rear parking. But it’s in good condition and it’s well-positioned.”

Case Design has 42 employees, including 17 designers. The larger space, compared with the company’s current digs, will give it room to grow, Greene said.

“It’s really going to have a new life,” he said. “It will be 55-percent leased on Day One.”

Kort Builders Inc. is the general contractor on the project, and Curran Architecture is serving as architect.
 

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. I keep wondering why I keep hearing about this problem of corporations leaving America, and I never hear a reasonable proposal to lower corporate tax rates and raise personal rates on income from capital gains and dividends, especially for high earners. It is just too simple of a solution for Congress to embrace?

  2. Are you financially down and you need money to settle your dept,or you need money to start up a business or to invest on a huge business,we also offer Loans to individuals, Firms and cooperate bodies at low interest rate , loan terms determinant,Loan amount between the sum of $5,000.00 to $100,000,000.00. US Dollars And Euro. Loan for developing businesses a competitive edge/ business expansion. We Offer The Following Kinds Of Loans. Personal Loans (Secure and Unsecured) Business Loans (Secure and Unsecured) Consolidation Loan FIRST INFORMATIONS NEEDED ARE: BORROWER’S DATA’S INFORMATION,FILL AND RETURN FOR QUICK START UP PROCESS. Name:_________ Last Name:_________ Age:_________ Contact Address:_________ Country:_________ Amount Needed as Loan:_________ Loan Duration:_________ Phone Number__________ Monthly Income/Yearly Income:_________ Purpose for Loan:_________ Occupation:_________ How Soon is Loan Needed__________ Email via: albertbrownfirm@outlook.com

  3. is a disaster. SR37 already needs to be built to interstate standards between 465 and SR144. Southport Road is a mess each morning and evening.

  4. Bass Pro Shops would be good for the mall as well as a Giant Eagle Market District or a Jungle Jim's International Market Place grocery store like the one near Cincinnati Ohio.A Disney quest indoor theme park would be good.An Academy outdoor store would be good too.Indoor Circus shows and magic shows would be good as well. A casino with sports bar would be good.A Disney theater inside that shows movies and Broadway shows would work.Nashville Tennessee concert shops with indoor neon lights would be good.How about a theater that shows travel shows and theme parks. A train store would be good.How about a giant toy store with high tech video games.

  5. This development is in addition to Allpoints Midwest 5, Aitrtek, a recent FedEx and more in Plainfield. Greenwood and Brownsburg also have similar projects.

ADVERTISEMENT