Welcome to Carmel Gateway

$40 million in office park improvements without taxpayer bill

Parkwood Crossing, the largest suburban office park in central Indiana located near Interstate 465 and Meridian Street, will now be known as Carmel Gateway. The name change comes with a new logo and over $40 million worth of capital improvements which have cost Carmel and Hamilton County taxpayers exactly zero dollars.

In a time of strong public frustration over property taxes and developments funded with government money, Carmel Gateway stands as an example of a private company funding its own upgrades and adding its own amenities to benefit tenants and the larger community.

The Reporter spoke with Carmel Gateway Senior Property Manager Patrick Moyers about what is new at Carmel Gateway and how the parent company, Rubenstein Partners, sees this campus as the bridge between Carmel and Indianapolis.

The point here is not that Rubenstein Partners is not working in conjunction with the City of Carmel, but rather that each piece of this area’s improvement is being funded appropriately by the entities responsible for each part.

As previously reported in this newspaper (tinyurl.com/CollegeAveRAB), city upgrades to this area will include utility coordination, enhanced pedestrian connectivity (such as multi-use paths), and the installation of two new roundabouts. Landscaping will also be added along North College Avenue.

“When we saw renderings of a welcome to Carmel sign being landed in the middle of that roundabout, it really got our juices flowing to partner with the city on what could we do more with the area, especially with the city’s improvements on this corridor,” Moyers said. “At the capstone of all this talk with the city and partnership with the city is a plan with two roundabouts the city is going to construct south of I-465 on College Avenue and then east and west office buildings of College Avenue. Those office buildings are Carmel Gateway buildings.”

The campus that was formerly known as Parkwood Crossing is located at the doorstep of Carmel on 96th Street at the border of Marion and Hamilton counties.

“In one way we’ve always felt that because the campus is serviced by Carmel FD, Carmel PD, we’re in Carmel, but we’re at the gateway of Carmel. This is actually a more appropriate name for the campus,” Moyers told The Reporter. “The campus is going to receive new lawn amenities. We will have Carmel Gateway East Lawn located at 800 and 900 Carmel Gateway buildings along 96th Street. And then we have Carmel Gateway West Lawn, which will include an amphitheater-style outdoor presentation space. That’s what we have in store for Carmel Gateway, and that’s the reason for the relaunch of this brand.”

Rubenstein Partners LP and its affiliates started their ownership of Parkway Crossing in 2017 in a joint ventureship. They have since become the wholly owned operator of the campus, and throughout their ownership, there’s been over $0 million invested.

“That does include outdoor amenities like the gated pickleball courts, as well as an outdoor area we like to call ‘adult playground’ named the Village Green,” Moyers said. “The Village Green has an outdoor flex-play space with a billiards table, a cornhole board, and a ping pong table. Nearby is a chipping and putting green and as well as an outdoor workspace, Wi-Fi enabled. That’s all in the campus today and our tenants enjoy that today.”

Tenants can reserve those spaces and see upcoming events on an app.

“We have an app that connects all this and we’re adding to it the lawn amenities along College Avenue to really put the cherry on the dessert here called Carmel Gateway with all these amenities,” Moyers said. “We are going to be super amenity-rich. It definitely speaks more to what Hamilton County and Carmel is about. And that’s why we’re doing it.”

According to Moyers, Rubenstein partners did convey some land to the City of Carmel so it could construct one of the two new roundabouts in this area.

“What Carmel does with these roundabouts is first-class and to the highest level,” Moyers said. “So we expect that ‘Welcome to Carmel’ sign in the middle of it to look great.”

Again, the upgrades to the campus itself are private funds coming from Rubenstein Partners LP and its affiliates.

“We completed a recapitalization effort of our loan,” Moyers said. “That was completed in August of 2024. With that, we did plan the divestiture of the two buildings mentioned at the western edge, while then repositioning everything on the eastern edge along College Avenue in the Carmel Gateway. We repositioned all our efforts, our focus, funding, energy, improvements along that corridor, again, to leverage with what the city is doing. What we have is essentially all private funding supporting the build of this.”

For those struggling to find the motivation to return to in-person work, the various amenities at Carmel Gateway may make that transition pleasant.

“There has been a five-year almost anniversary to the point where we were all told with COVID to go work from home or shelter-in-place,” Moyers said. “And I’ve been here the entire time, except for one week in April when the entire country was shut down. But we’ve been here. Our team has been here the entire time. So we’re excited for anyone who wants to come back to work too and enjoy these new spaces with us.”

You can learn more about the Carmel Gateway campus online at carmelgateway.com.