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Carmel issues request for proposal for PNC Bank property

March 17, 2019

The Carmel Redevelopment Commission has issued a request for proposal to find a developer to redevelop the PNC bank property at the northeast corner of Main Street and Rangeline Road.

The city announced in December the CRC would be purchasing the 1.2-acre property for $2.5 million in a deal that took years to negotiate. The city launched an effort in 2016 to buy the property but was unsuccessful until August 2018 when the city filed a lawsuit to take control of the land. Ultimately, a deal was reached outside of court.

The RFP covers 1.7 acres, including parts of the PNC property and an adjacent 1.2-acre site the city also owns. The site is referred to as Lot One, because part of the property incorporates the first four lots of the town of Bethlehem, which changed its name to Carmel in 1874 because there was another town in Indiana registered as Bethlehem.

The RFP "is the first step in the process to redevelop the land into a mixed-use development that will bring more residents, more jobs and more opportunities for small businesses to the Arts & Design District," the city said in a written statement.

As part of the agreement, PNC will remain on the property during construction and after the land is redeveloped.

The property at a high-profile intersection near the Monon Greenway, Carmel High School, Carmel Clay Library and Midtown.

The CRC said it is seeking a for-profit developer to propose and construct a development that will enhance and anchor the intersection. Requirements  of the project call for:

— a mixed-use development with architectural design characteristics commensurate with neighboring developments and the city’s vision for Main Street;

— retail space within the mixed-use development, including a bank branch;

—adequate underground on-site parking for the development and the public, of which 25 percent of total parking may be reserved for the development;

— a setback on the southwest corner featuring the Carmel Rotary Clock;

— provide storm-water management for the parcels and coordinate storm-water management to include surrounding areas and existing city infrastructure coming from properties to the north, west, east, and south.

The CRC said it will give preference to bidders that also provide for-sale residential uses, office uses and a small public plaza around the rotary clock.

“This particular parcel is already receiving some national attention, so we expect the competition for the winning proposal to be intense,” CRC Executive Director Henry Mestetsky said in written comments.

The CRC will meet May 1 to open and review the proposals.

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