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Pedcor Community Development Corp. is planning a $700 million mixed-use development at East 111th Street and North Pennsylvania Avenue in Carmel that city officials say will be “transformative.”
The project would be built on 38.5 acres of vacant land just east of U.S. 31. It would include 912 multi-family units, 58 for-sale townhouses, 430,000 square feet of retail and office space, two public parking garages and a public park/plaza.
“It’s generational,” Carmel Redevelopment Commission Executive Director Henry Mestetsky told IBJ. “It’s taking a field and it is providing a walkable, vibrant community anchored by a public space.”
Mestetsky compared the project to Carmel’s Midtown Plaza.
He said he expects the project would begin a transformation of the area along Pennsylvania Street and the U.S. 31 corridor from “suburban-style office parks into a truly walkable environment.”
Pedcor said it is too early in the process to predict when construction would begin on the development.
“We want to build a dynamic new hub in a high-growth area of Carmel, and we are thrilled to have this opportunity,” Ali Birge, Senior Vice President of Pedcor Community Development Corp., said in written remarks.
About 12.5% of the multi-family units would be intended as workforce housing. Workforce housing is priced at a reduced rate for households who make 50% of the area median income relative to the Indianapolis-Carmel-Anderson metropolitan statistical area. Median household income in the MSA is $63,545, according to 2020 Census statistics.
The 111th and Pennsylvania project will be introduced Monday at the Carmel City Council’s meeting. The council will consider an ordinance for about $76.5 million in developer-backed tax-increment financing bonds.
Mestetsky said Carmel-based Pedcor hosted a public meeting with area residents on Tuesday and received positive feedback.
“I think it was clear to everybody the effect that this would have on adjacent property values, and that it would only increase it,” he said.
Pedcor has been responsible for many of the city’s signature developments in recent decades, including the $300 million Carmel City Center that is nearing completion.
City Center is home to the Palladium, Booth Tarkington Civic Theatre, Hotel Carmichael, downtown living options, restaurants and shops. During the holiday season, the open space—called Carter Green—just south of the Palladium hosts Christkindlmarkt.
“[Pedcor has] expertise in building developments like this across the country, and it’s just nice to see local developers that are nationwide continuing to invest here,” Mestetsky said. “The quality that they put into their buildings and the care at City Center, and we see evidence of what they do across the city.”
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If it is a “home run development” why does it need $76.5 million in TIF bonds? I am not against the project as Pedcor does a good job rather that we keep siphoning off potential tax dollars that could be used for other important needs. The Carmel tax payers must certainly be the largest parking garage owner in the state.
B-I-N-G-O!
As Carmel continues to build high density live/work/shop projects, residents will still be trapped unless they own a car. These islands of livability are still isolated and the density is still to low in Carmel (and most of the US) to support public transit.
Maybe will get lucky and global warming will make electric bicycles possible year-round in central Indiana.
Maybe the powers that be will extend the Red Line to service this area.
I don’t disagree with you that this wouldn’t solve any transportation issues for those without a car, but I also don’t think that’s anywhere on the list of objectives. Pedcor is a multi-family company first and Carmel still has an available housing shortage. The residents who live here, and the retail/restaurant customers who shop here, will all work in the Carmel/Northside area and likely be car dependant anyway. We’re a LONG way away from reliable and effective public transit in the Indy metro.
Carmel/Northside and Indy in general does not need or want more public transportation and the crime that inevitably comes with it. Indiana is a driver-friendly state. Do not think that NYC/San Francisco solutions will solve Indianapolis problems, nor would we want to resemble an overly-dense super-urban center anyway. Carmel should be more welcoming to electric scooters, golf carts, and other alternate methods of personal/private transportation, including more valet lanes with off-site parking. “those without a car” makeup less than 8% of the population in this state and nationwide, we should worry less about this fringe minority and put forth more effort to help the 92% of us who drive.
Carmel/Northside and Indy in general does not need or want more public transportation and the crime that inevitably comes with it. Indiana is a driver-friendly state. Do not think that NYC/San Francisco solutions will solve Indianapolis problems, nor would we want to resemble an overly-dense super-urban center anyway. Carmel should be more welcoming to electric scooters, golf carts, and other alternate methods of personal/private transportation, including more valet lanes with off-site parking. “those without a car” makeup less than 8% of the population in this state and nationwide, we should worry less about this fringe minority and put forth more effort to help the 92% of us who drive.