by Adriana Pop, Associate Editor
The Pedcor Companies will begin construction on the second phase of the major Carmel City Center project next spring.
According to the Indianapolis Business Journal, the first structure to be developed will be The Nash. Located on the west side of Rangeline Road, the three-story, $10 million mixed-use building will feature 31 one-, two- and three-bedroom apartments. The new development will also offer 8,000 square feet of commercial space at street level. Infrastructure costs and 42 underground parking spaces will be financed through a $2 million contribution from the city of Carmel.
According to brokerage firm Tikijian Associates, the area’s apartment demand is strong and the trend is expected to continue in the near future. Upon completion in two years’ time, the Nash units are projected to rent for about $1.25 per square foot.
In August 2010, the first phase of the Carmel City Center development brought 106 apartments to the market. The units are 90 percent occupied and rent for approximately $1.15 per square foot. The project also included 62,000 square feet of commercial space, the newspaper reports.
In other news, Duke Realty’s 1,700-acre mixed-use development in Anson will soon welcome its first hotel. Inside Indiana Business reports that developer Yagnash Patel is building a new Hampton Inn property in Boone County, on the northwest side of Indianapolis.
Slated to open next summer, the 56,708-square foot, four-story hotel will offer 92 guestrooms. Amenities include an indoor swimming pool, a fitness center, wireless connectivity and free breakfast.
“Anson is an ideal location for this new Hampton Inn because of its convenient highway access and the absence of other quality hotels in the area,” Patel told the newspaper. “There is definitely a need for quality lodging along this corridor of I-65 given the ongoing growth of Whitestown and Zionsville and the increased traffic counts between Indianapolis and Chicago. Now area residents and businesses can find comfortable and affordable rooms nearby when they need guest lodging.”
Photo credits: www.pedcorcompanies.com
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