The city of Carmel and PNC Bank reached an agreement for the Carmel Redevelopment Commission (CRC) to acquire the bank-owned property at 21 N. Range Line Road, which includes five parcels (1.2 acres) at the northeast corner of Range Line Road and Main Street. The purchase price is expected to be about $2.5 million, the average of two appraisals on the land, and comes with an agreement that the bank will remain a tenant in the future redevelopment.
The CRC voted to approve the agreement at its meeting on Wednesday.
Brainard
“The Main Street we now have in Carmel is the result of the successful public private partnerships we have had for years. These partnerships, where government and the private sector work together, have been the most important tool we’ve used to redevelop the Arts & Design District,” said Mayor Jim Brainard. “The opportunity to redevelop a parking lot on one of our main corners of the city into a beautiful landmark building is important to the continued vitality and success of the District.”
Previous public-private partnerships along Main Street include the Sophia Square building, Evan Lurie Gallery building, the mix-use building at the southeast corner of Main and Range Line anchored by California Closets and on the Monon where Bazbeaux and Muldoon’s are located, Townhome buildings near the 4th Street roundabout and a few blocks south of Main Street, the Indiana Design Center.
“We’re excited to be part of this historic transformation in one of Indiana’s most celebrated, family-friendly cities,” said Connie Bond Stuart, PNC regional president for central and southern Indiana. “This new look will expand opportunities for tourism and generate buzz for our local artisans and small businesses that line Main street.”
The agreement allows PNC to remain at its current site on Range Line Road until the redevelopment project begins. PNC will relocate to a nearby temporary facility until the new branch is built as part of the corner redevelopment project.
CRC Executive Director Henry Mestetsky said the redevelopment of this property will be a benefit to Carmel residents.
Artistic rendering provided
“Working with PNC has been a pleasure,” said Mestetsky. “I look forward to an iconic project replacing the large parking lot on one of Carmel’s premier intersections. Our aim is for the project to generate a substantially higher amount of commercial activity that supports our local businesses and results in more tax revenues for the city in the future to help keep Carmel’s property tax rates among the lowest in Indiana.”
This latest acquisition of 1.2 acres, combined with almost half an acre of adjacent land owned by the Carmel Redevelopment Commission, allows the city to seek a request for proposal from developers interested in partnering on the future redevelopment project. That final site is expected to be 1.8 acres and is likely to include a mix of residential, business, retail opportunities and additional public parking. The project, which may take several years to complete, will be similar to other public-private partnerships that have brought mixed-use, sustainable and walkable developments along Carmel’s Main Street, Midtown and City Center.