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The City of Carmel hopes to boost development along Range Line Road. (Photo provided by WISH-TV / Google Maps)
On Tuesday, city officials said they are offering $15 million to buy the Monon Square shopping center.
The Carmel Redevelopment Commission (CRC) made the offer on 8.7 acres. The city has acquired other buildings and land in the vicinity in recent years in hopes of boosting its City Center and other redevelopment along Range Line Road.
Plans call for a mixed-use development. There is no timetable for the development, officials said in a news release.
Brainard
“We appreciate that the property owners understand the importance this piece of property holds in the continued success of the area and have agreed to work with us,” said Mayor Jim Brainard. “This purchase is similar to how we started the City Center project. In that instance, the City bought 88 acres and master-planned the area and then worked with developers to create projects that fit within our vision of the project. In the same way that we were able to design Carmel’s new downtown with City Center, we need to ensure continued quality of the area through the redevelopment of this piece of land.”
“Monon Square is a prime piece of real estate,” said Director of Redevelopment Henry Mestesky. “Obtaining this property as one piece is important in order for us to create a quality project that will stand the test of time. This will allow us to work with local businesses and ensure that it does not remain a one-story suburban retail mall for the next 20 years or more. In anticipation of acquiring Monon Square, the CRC has already purchased the former Thrifty Car Rental site and has demolished the building.”