Developer Details Major Carmel Project

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Plans for $80-$100 million of additional development at Carmel City Center have been unveiled. Hamilton County-based Pedcor Commercial Development LLC announced details Tuesday of six new buildings, which include commercial, retail and residential space. December 17, 2013

News Release

CARMEL, Ind. - The City of Carmel and Pedcor Companies will unveil plans and conceptual designs for six new buildings as part of the next phases of development for Carmel City Center. The unveiling will take place Tuesday, December 17, at 1:15 p.m. on the Plaza at Carmel City Center, 719 Hanover Place. The event is open to media and the public.

Pedcor Companies has leased to more than 100 businesses despite the great recession and due to the positive growth experienced, Pedcor will be announcing six additional buildings that are planned and designed for construction at Carmel City Center.

The new buildings for the next phase will be The Baldwin, The Chambers, The Holland, The Wren Towers, another parking garage and Pedcor Square Building Five.

"Pedcor Companies is proud to continue to be a part of creating a vibrant Carmel City Center, a place where our community can gather to dine, shop, do business or simply reside in the heart of the city," said Bruce Cordingley, President and CEO of Pedcor Companies. "At this time of the year especially, it's exciting to see how the Carmel City Center is becoming a picturesque part of the holiday landscape and a place to create traditions for local residents and visitors. It is with much pride that we unveil these projects today as further testament to the passion for beautiful architecture embraced by the City of Carmel."

Carmel Mayor Jim Brainard applauded this significant step toward completing the redevelopment of this key component in the heart of the city.

"We are very pleased to partner with Pedcor Companies and continue the years of hard work to redevelop this vital area in our city," said Mayor Brainard. "Today's announcement is further evidence that the overall plan to wisely invest tax incremental financing dollars in conjunction with private investment continues to prove successful. As recent major employers have relocated to Carmel, it’s clear that businesses want to locate here, people want to live here.

"And as a member of the President's new task force of climate change, it's important to point out that we are adding these buildings and businesses right here in the heart of our city, where infrastructure already exists. We continue to encourage our tradition of mixed-use, high-density projects that are business-friendly, resident-friendly and situated as such to encourage walking and biking, which is much better for the environment."

The Baldwin and Chambers buildings will be located directly south of Carmel City Center and immediately north of The Nash. The buildings are planned to be four-story buildings with up to 15,000 square feet per floor. The first two floors will consist of one level of partial and single story office and commercial retail space. The top two floors will be residential.

The Holland building, a planned five-story building, will be built west of The Nash and east of the James building (where the Tarkington Theatre and Studio Theaters are located). The Holland will have up to 12,500 square feet per floor with the first story proposed for commercial office space or retail and the remaining four floors for residential or commercial offices.

The Wren Towers is planned to include a six to seven story tower. The first floor will be ground level and will consist of parking and 11,579 square feet of commercial space. The second floor on plaza level will have 13,996 square feet of commercial space. The third floor through the seventh floors will consist of residences.

There will be an additional garage planned immediately west of The Nash and south of Carmel City Center. The parking garage is planned to be four or five levels with retail and/or commercial office space on part of the ground level.

Pedcor Square Building 5 will be a two-story office building with up to 10,000 square feet per floor. The building will connect to the underground parking garage. A partial third story could be added for an additional 5,000 square feet.

The announcement is being made while work on The Nash building is under way. More than half the commercial space is already leased at The Nash. There is strong interest on the remaining space as construction continues. The Nash, a three-story, $10 million mixed-use building, is being built just south of City Center on the west side of Range Line Road. It will contain 31 one, two and three bedroom apartments on the second and third floors and 8,000 square feet of commercial space at street level.

About Carmel City Center

Carmel City Center is a one million square foot, $300 million, mixed-use development located in the heart of Carmel, Indiana. A destination like no other in central Indiana, the project offers the appeal of a neighborhood and the vibrancy of a downtown. Carmel City Center features luxurious residences, specialty retail and restaurants and premier office space. Phase One includes 62,427 square feet of commercial space.

The following restaurants and retailers are currently open in Carmel City Center: 14 Districts Weekend, A Formal Affair, Addendum Gallery, Authentic Sports Collectibles, Bath Junkie, Bike Line, Brides of Carmel, Carmel Tailoring & Alterations, Century 21 Rasmussen, Daphney Allen Skincare, divvy, Eggshell Bistro, Guardian Wells, Holy Cow, Cupcakes!, Hubbard & Cravens, J.Benzal, Jack & Jill Children’s Shoppe, Mangia!, Matt the Miller’s Tavern, Polleo Systems, Rain Aveda Salon, Silver Door Boutique Spa, SpinCycle, SUMMIT SOLUTIONS For Business, The Next Step Fitness, The Yoga Studio and Uber Boutique, WestBridge Investments. Pedcor is also in various stages of lease negotiations with other restaurant, retail and service concepts.

The apartment units in the Residences of Carmel City Center opened in summer 2010 and are now more than 95 percent occupied. The penthouse condominiums are 40 percent sold. Law firm Drewry Simmons Vornehm occupies 16,500 square feet of office space in Carmel City Center. Future phases of Carmel City Center include additional residential and commercial space as well as a boutique hotel.

Carmel City Center is the location for The Center for the Performing Arts, which includes a 1,600 seat world-class concert hall named "The Palladium," a 500-seat theater named "The Tarkington" and a 200-seat black box theater. The Center Green in Carmel City Center is also the home of the Carmel Farmers Market. This pedestrian-based master plan development is located at the southwest corner of Range Line Road and City Center Drive (126th Street). The Monon Greenway runs directly through the project. Carmel City Center was developed as a public/private partnership between the City of Carmel, Pedcor City Center Development Company and numerous developers.

Source: Pedcor Commercial Development LLC