Pedcor to Expand Massive City Center Mixed-Use Development in Carmel
Developer Pedcor Cos. is planning to invest between $80 million and $100 million in the expansion of its major commercial and residential Carmel City Center development.
According to the Indianapolis Business Journal, the addition will bring four mixed-use buildings, a parking garage with ground-floor commercial space, as well as an expansion of the Pedcor Square office complex.
A pair of four-story structures known as The Baldwin and The Chambers will rise south of Carmel City Center. The new development will feature office and commercial space on the first two floors, while the upper floors will include residential units.
Plans also call for The Holland, a five-story building along the east side of the Monon Trail, with first-floor commercial and four floors of residential or office space; The Wren Towers, a six- or seven-story commercial and residential building just west of The Baldwin and City Center; a four- or five-level parking structure with 650 spaces; and a two-story office building known as Five Pedcor Square.
Bruce Cordingley, Pedcor’s president and CEO told the newspaper that the timing and financing of the new developments would be determined after discussing the project with the Carmel City Council and city development groups early next year.
In August 2010, Pedcor completed the first phase of the Carmel City Center development, which brought 106 apartments to the market, along with 62,000 square feet of commercial space.
Another addition to the complex is currently under construction. Called The Nash, a three-story mixed-use building rising on the west side of Rangeline Road will feature 31 one-, two- and three-bedroom apartments, 8,000 square feet of street level commercial space, as well as 42 underground parking spaces. Pedcor’s investment in this phase of the project amounts to approximately $10 million.
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