IBJNews

Housing slump puts Gramercy project in Carmel on hold:

Back to TopCommentsE-mailPrintBookmark and Share

The deteriorating housing market and Carmel's plans to build more roundabouts have led The Buckingham Cos. to put the brakes on its ambitious Gramercy development project.

The $500 million project set to begin in the spring now has no timetable. But when construction ultimately commences, it likely will begin with the commercial and retail portions rather than the home-building portion, as was originally planned, said Clyde Lee, a spokesman for the local developer.

"They have revised the plans," Lee said. "A mixed-use development gives you some latitude in how you're going to develop it."

Gramercy could take a decade to complete and would transform the 1960s-era Mohawk Hills apartment complex and its golf course into a modern urbanist neighborhood.

The 116-acre tract at 126th Street and Keystone Avenue would play a critical role in advancing Carmel's vision to create a new downtown along Range Line Road by providing an eastern corridor into Old Town.

Carmel's plans to assume control of parts of Keystone Avenue from the state and put six roundabouts on the roadway also have affected Buckingham's decision to delay the project. The roundabout at 126th Street could take up to 18 months and would need to be completed before construction on Gramercy begins. Contractors could be selected in April.

Buckingham purchased the property containing 564 apartment units and a ninehole golf course in 2004 from a Chicago group for roughly $30 million. The first phase was to include 150 to 200 homes.

The traditional urban neighborhood design features more than 2,000 condos, town homes and apartments. Hotels, offices, civic spaces, parks and retail space for restaurants, cafes or coffee shops also are included.

Complaints from citizens concerned about the massive development's impact on local roads and traffic led Mayor James Brainard in late 2006 to negotiate a 26-percent reduction in its scale.

Buckingham in December 2007 purchased The Fountains Banquet & Conference Center and the surrounding retail center on Carmel Drive south of Mohawk Hills to provide access from Carmel Drive to 126th Street, Lee said.

"They have committed millions of dollars and purchased more property," Lee said of Buckingham. "They don't want to stop it."

When finished, Gramercy would complement the public/private development that is City Center. It runs along the west side of Range Line between 123rd and 127th streets and encompasses a number of uses. Similar to Gramercy, they range from apartments, condominiums, shops, dining, office and hotel.
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. Uh, sorry Johnnie, but you are incorrect. Despite the assertions by yourself and various defenders and captains, sports attendance is NOT off significantly at most sporting events in the US. Variances in attendance has been in the range of single digits, both + & - for years now. MLB has had most of its best overall attendance nubers in the last decade, and that trend has been consistent for most major sporting events. The number one issue cited by most fans when asked about attendance is the overall cost of attending. The presence of HD and big screen televisions in home doesn't even register, as a factor for not attending an event. VALUE in the product is the key, and apparently is something lacking in the current ICS. What other explanation is there when with what is routinely touted as the "best" racing on the planet, fans are staying away in DROVES. A "close" title battle into the last event at Fontana, with the "cars and stars" of the ICS, and who showed up? MAYBE 8K. Sorry, but HD TV isn't to blame for that kind of fan apathy.

  2. Do you need finance to establish your business ? Are you interested in getting a loan at 3% from our private company? If so please Email: suntrust_oil@blumail.org

  3. If she was worth the $ the public outcry over direct tv dropping them would have kept them on their dishes as we have seen with other companies. I too quit watching channel 13 after she showed up since I left channel 8 because of her all show rather than production results. When Randy on 8 corrected her she had a big head and incorrectly challenged his correction for pronunciation of a city. Other antics while she matures was too much for me with her very inaccurate forecasts. All the forecasters were predicting rain until Thursday except Chris. They predicted sunny on Thursday but instead of rain until Thursday upon which the sun would finally make it out in full glory Chris was right on the money just as I too predicted looking at the radar on weather.gov. One thing I love about Angela is the fear you can see in her every time it thunders in the winter. It far exceeds the entertainment value of her body language (high heel noise drags, depression, etc) when her forecasts are so incorrect. Her hair stands on end, you have to see it!!!

  4. Good Day, Apply For A Loan I am Mr Fernadez Antonio, a private Loan lender and a cooperate financial for real estate and any kinds of business financing. I also offer Loans to individuals, Firms and cooperate bodies at 3% interest rate We offer any kind of loans. email us via fernadezloaninvest@outlook.com LOAN APPLICATION FORM First name:......................... Middle name:......................... Last name:........................................ Date of birth (yyyy-mm-dd):....................... Gender:........................................... Marital status:................................... Total Amount Needed............................... Loan Duration.................................... Address:.......................................... City:............................................. State/province:................................... Zip/postal code:.................................. Country:.......................................... Phone:............................................ Fax:.............................................. Mobile/cellular:.................................. Monthly Income.................................... Occupation:....................................... Best Regard, Mr Fernadez Antonio.

  5. i will love to share my testimony to you all the people in world i got married to my husband about 2 year ago we start having problems at home like we stop sleeping on the same bed,fighting about little things he always comes home late at night,drinking too much and sleeping with other women out side i have never love any man in my life except him. he is the father of my child and i don't want to loose him because we have worked so hard together to become what we are and have today .few month ago he now decided to live me and the kid,being a single mother can be hard sometimes and so i have nobody to turn to and i was heart broken.i called my mom and explain every thing to her,my mother told me about DR.okoro how he helped her solve the problem between her and my dad i was surprise about it because they have been without each other for three and a half years and it was like a miracle how they came back to each other. i was directed to DR. okoro on his email:okorospell@gmail.com and explain everything to him,so he promise me not to worry that he will cast a spell and make things come back to how we where so much in love again and that it was another female spirit that was controlling my husband he told me that my problem will be solved within two days if i believe i said OK So he cast a spell for me and after two days my love came back asking me to forgive him i Am so happy now. so that why i decided to share my experience with every body that have such problem contact Dr okoro the great spell caster on his email addresses spellcasterforlove@outlook.com

ADVERTISEMENT