Home News ‘Generational’ $700M development planned in Carmel near U.S. 31

‘Generational’ $700M development planned in Carmel near U.S. 31

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$700 million investment 111st Street and Pennsylvania Avenue It is the latest development project planned in Carmel near US 31.

carmel base Pedocor Planned development on a vacant lot just east of US 31.

Pedcor Companies, among many projects in the city, Carmel City CenterPalladium, shopping, cake bakes and restaurants.

Alison Birge, senior vice president of Pedcor Community Development Corporation, said:

According to Carmel redevelopment director Henry Mestetzky, the project includes:

  • Houses built for sale
  • rental housing
  • retail space
  • 400,000 square feet of office space
  • public parking lot

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The development will be supported by public greenery surrounded by retail stores, in the style of Midtown Plaza spaces.

“This is a generational project,” Mestedsky said in an email to IndyStar.

The developer hosted a meeting with nearby neighbors on Tuesday and received positive feedback, Mestetzky said.

Carmel City Council Agenda Ordinance for Monday Asks Congress to approve approximately $76.5 million in tax increase loan bonds.

A tax increase loan can help increase property taxes brought about by a development, financially support that project, and enable the development at its inception.

The 111th and Pennsylvania Project TIF bonds are developer-backed. In other words, if property taxes don’t bring in the revenue the city and developers expect, the city isn’t responsible for paying them. That responsibility lies with the developer.

Carmel City Council is expected to hear the first presentations on the TIF bonds and projects on Monday. This item will likely go to a city council committee before a vote on whether to approve the bond.

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