Carmel panel OKs purchase of two potential redevelopment properties

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.

Please enable JavaScript to view this content.

Editor's note: IBJ is now using a new comment system. Your Disqus account will no longer work on the IBJ site. Instead, you can leave a comment on stories by signing in to your IBJ account. If you have not registered, please sign up for a free account now. Past comments are not currently showing up on stories, but they will be added in the coming weeks. Please note our updated comment policy that will govern how comments are moderated.

{{ articles_remaining }}
Free {{ article_text }} Remaining
{{ articles_remaining }}
Free {{ article_text }} Remaining Article limit resets on
{{ count_down }}