Texas-based developer abandons Old Meridian Apartments project in Carmel

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15 thoughts on “Texas-based developer abandons Old Meridian Apartments project in Carmel

    1. Have you been paying attention? There have been NUMEROUS new developments announced in just the past few days. Are you going to given Biden-Harris credit for those?

    2. I will bet about 50% of announced projects don’t take off because the finances don’t work. I’m sure these guys were counting on nearly free money that the anemic Trump economy was handing out.

    3. It was the TIF split, not the “high interest rates”. If they’d been offered a (ridiculous) 95/5 split like the one being proposed for the Carmel based developer (I guess it really is all about who you know), they’d be moving forward, no problem!

  1. If its the interest rates, why are other projects moving forward? $100M is being spent by a Simon-backed entity to build a large office tower in Indianapolis. Other projects are moving forward, even if Carmel. No I think it was the TIF split. As the article notes, the TIF split didn’t give them enough, what with higher interest rates.
    And what causes higher interest rates? Demand? Higher wages? Supply channel disruptions? Corporate Pricing decisions? Presently, that nasty Biden-Harris economy is delivering higher wages, very high employment level, and lots of infrastructure improvements. Inflation is higher, yes, but because the economy has been humming along. Inflation is coming down as consumers cut back after a few years of spending their COVID savings. That is helping to lower inflation, along with the higher interest rates. Yes, inflation is ugly. But I like seeing road construction and other improvements, knowing those will eventually make life easier and more productive.

    If apartments are needed in Carmel, affordable or otherwise, the market will figure it out. Interest rates didn’t kill this project…it was the share of private money required to make it go forward at higher interest rates. If this had been more heavily subsidized by the TIF or other public funding, it would have gone forward…the developers didn’t want to put their own money into the deal…

  2. They had enough money to tear down all the trees creating an eyesore before saying they need more money. All part of the game to make the city cough up more taxpayer cash so the mess gets cleaned up. And Henry saying he negotiates the best deal for the city, that’s funny.

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