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If a project does not make financial sense on its own, then the developer should not do it nor should the city throw $19 million dollars at it. Has Carmel seen an apartment project with a city paid parking garage that it didn’t like? With all the new high end mixed use buildings recently opened, under construction or already planned what is their occupancy level? How much of that inventory has been absorbed and at what rate? Overall, I like what has been done but how much more 4 over 1 do we immediately need?
Developer backed bonds just don’t make any sense. What if developer would become insolvent or be unavailable in the future for collection if the project fails. These deals could always leave the city on the hook i.e. the Citizens of Carmel (Taxpayers) I never heard of so many of these type deals for TIF financing that Carmel is doing. What is the total portfolio right now of these types of deals on the books of the RDC. This entire issue needs to be examined for financial exposures of all the City Redevelopment Commision has done. Also, All these droves of Apartments are changing the demographics of Carmel. Check out the median age groups of occupants and what their affiliations are.
Carmel has plenty of apartments in the city core but not enough condos. City Council should be thinking about asking for that switch rather than just eliminating high density residences near city hall. There is already Proscenium I and II on other corners of the same intersection and townhomes and apartments only a 5 minute walk away (City Center and behind the fire department.
The housing committee put together by Mayor Finkam highlighted the lower cost residence ownership is needed in Carmel for seniors and those looking for their first home ownership, especially in the city core. Proscenium III with the right designs, etc. could start to address that.
Bill E, your last statement is a dog whistle for now wanting to see further diversity and population changes in Carmel. Like it or not, cities need to constantly evolve or they slowly die.
Anyone looked at the crime rate in Carmel since all these apartments have been built? Really tired of hearing developers say I have to build apartments in order for the project to make financial sense. Its a money grab…continuous revenue stream, little infrastructure costs due to the TIF and additional financial incentives from the city. Is it any wonder these apartments complexes are springing up everywhere? It has ruined Broadripple and they are their sites on Zionsville now.
Hm, we have apartments right across the street from City Hall in Indianapolis, as well as right across the street from the main Fire House, and there aren’t any public safety concerns at all. How far away do you need to look to see if this is going to be an issue? 12 miles, maybe?
God forbid people live near something so noxious and toxic as… Carmel City Hall?!
Do they hear themselves?! Minnaar and Snyder should resign.