Trailside property in Midtown Carmel draws bids

Two development teams submitted bids for five acres of publicly owned land along the Monon Greenway in Carmel’s Midtown area, but their plans for the blighted property remain under wraps for now.
 
Barrett & Stokely Acquisitions offered $2.5 million for the land, located about two blocks south of Main Street on the west side of the trail. Old Town Development LLC’s competing offer came in at the minimum acceptable price: $1.7 million.

Carmel Redevelopment Commission chief Corrie Meyer opened the sealed bids at a public meeting Thursday and expects to start vetting the proposals right away.  With money tight, she said the commission hopes to close on the deal by the end of the year.

Officials will review the plans to determine how well they align with the CRC’s Oct. 10 request for proposals. A vote could come as soon as the panel’s Nov. 19 meeting.

The sale notice spelled out some “permitted uses” for the property, including a rebuilding/redesign of the Monon to fit land-use planner Jeff Speck’s vision for the area. The buyer also would be permitted to construct for-sale residential units and a mixed-use building no larger than 20,000 square feet.

The CRC also said it would “give preference to bidders that own, control and/or will develop the real estate adjacent to the parcels.”

Old Town Development sibling Old Town Design Group is working on a $150 million plan to rebuild 11 acres of Midtown east of the Monon—including the property directly across from the CRC’s land. (A public plaza is planned for that corner.)

Old Town principal Justin Moffett declined to disclose details of his firm’s pitch for the additional Midtown property, but he said it would complement the project now making its way through the zoning process.

“We are building on that concept,” he said.

Barrett & Stokely’s representatives were similarly tight-lipped after the Thursday meeting. Team leader Rex Stokely of Indianapolis-based multifamily specialist Barrett & Stokely Inc. said it’s too early to share specifics.

Midtown is located between Carmel City Center and Main Street.

Principal City Center developer Pedcor Cos., which has been working on a plan for Midtown property it owns west of the Monon, did not submit a bid.