Pedcor Breaks Ground on Second Phase of Carmel’s Mixed-Use City Center
- Jan 15, 2015
by Adriana Pop, Associate Editor
Construction on the second and final phase of the massive Carmel City Center redevelopment has begun.
According to the Indianapolis Business Journal, local developer Pedcor Cos. is planning to expand the 88-acre mixed-use complex in Carmel by another 10 buildings, including a parking facility. Plans call for a total of 575,000 square feet of retail, residential and office space scheduled to be complete by 2019. The company expects to invest between $80 million and $100 million in the project, which will add $77 million to Carmel’s tax revenue. The proposed development will also benefit from a $20 million infrastructure bond approved by the City Council in mid-December. Pedcor will use these funds for the construction of the four-story, 620-space parking garage, streets and other public amenities. This debt should be repaid with the property taxes the new development is expected to generate upon completion.
The first to rise will be the office-and-residential Baldwin and Chambers buildings. The two four-story structures are scheduled to break ground by mid-year, while construction work on the garage will begin towards the end of the year or in early 2016.
In August 2010, the first phase of the Carmel City Center complex brought 106 luxury apartments to the market, which were 96 percent leased at the end of last year. The center also features 79,570 square feet of retail space, which was about 91 percent occupied, the newspaper reports.
Photo credits: Pedcor Cos.