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North of 96th - Lindsey

Welcome to North of 96th, your source for business news from Carmel, Fishers, Noblesville, Westfield and Zionsville. Your host, Lindsey Erdody, can be reached at lerdody@ibj.com.

Boone County / Hamilton County / Regional News

Carmel panel OKs purchase of two potential redevelopment properties

May 19, 2016

The Carmel Redevelopment Commission on Wednesday night approved purchasing two pieces of property in the city’s core for future development.

The properties, at 582 S. Rangeline Road and 30 E. Main St., could cost up to a total of $1.35 million.

The Rangeline Road parcel is near Sixth Street SE and adjacent to Carmel’s proposed Midtown development. Thrifty Car Rental has an office on the property, but CRC executive director Corrie Meyer said the car rental agency will be relocating.

The CRC approved a purchase price in the range of $440,000 to $600,000. Meyer said the average of two appraisals for the property was $440,000, which is the minimum the CRC could pay for it.

She told the commission that they hope to close the deal by the end of June.

The other property near Main Street and Rangeline Road is between PNC Bank and Woody’s Library Restaurant. The average of two appraisals was $541,500, and the CRC agreed to pay an amount between $541,500 and $752,000.

The building on the site has three tenants—Optimum Relationships Consulting, Meridian Title Agency of Indiana Inc. and WRP Investments. Meyer said the CRC would take over the leases, which all expire at the end of the year.

She also expects to close that purchase next month.

No projects have been proposed for either property, but Meyer said there is potential for redevelopment at both sites.

Both purchases, which will be paid for with bonds approved by the Carmel City Council earlier this year, were passed unanimously by the CRC.

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