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Boone County / Hamilton County / Regional News

Carmel seeking bids to develop for-sale housing near its downtown

April 13, 2017

The Carmel Redevelopment Commission is looking for a developer to construct for-sale housing options on a 3-acre parcel to the south of City Center.

The property is adjacent to the Carmel Fire Department and Carmel Police Department, and is now used for city parking. The Monon Greenway borders the property to the west.

CRC Executive Director Corrie Meyer said the development could include condominiums or townhouses, as long as it is primarily for-sale residential, which is something the city has been seeking in its downtown for years.

Meyer said the number of units would depend on the housing type, but it could be as many as 200.

Office use could also be incorporated into the project.

In addition to the housing request, the CRC would expect the developer to dedicate the right-of-way needed to extend Veteran’s Way south from the Park East garage at City Center, accommodate existing parking demands and incorporate stormwater management.

The city transferred the property to the CRC last year, but under the condition that the public-safety vehicles using the parking lots would still be accommodated.

The minimum asking price is $3.7 million, which is the average of two appraisals the CRC had conducted on the property. The CRC is not committing any public funds to the project, other than considering use of tax-increment financing dollars for parking, according to the request for proposals.

The CRC unanimously agreed to issue the RFP at its meeting Tuesday.

“We know we have a shortage of for-sale properties… so this is an effort to fill that void,” CRC and Carmel City Council member Jeff Worrell said. “I’m definitely in favor of this.”

Proposals are due by noon on May 17, and the CRC is expected to discuss the options at its meeting later that day.

“There is interest so we do expected to have some responses,” Meyer said.

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