Exploring Development Behind Carmel City Center’s ‘The Nash’ and ‘The Mezz’

Many buildings make up the Carmel City Center. Two of these that have been completed over the past year are The Nash and The Mezz.

The Nash, which is part of Phase II of Carmel City Center, was designed to serve as part of a new downtown area for the city. The Nash is located just south of the existing City Center retail/residential buildings along Range Line Road, just north of First Financial Bank at 902 South Range Line Road.

The Nash, a three-story, $10 million mixed-use building, contains 31 apartments with one-, two- and three-bedroom options available on the second and third floors, and 8,000 square feet of commercial space at street level.

Carmel City Center is a public/private partnership and is one of the Carmel Redevelopment Commission’s (CRC) largest projects to date. One of the most involved private partners in this venture has been Pedcor City Center Development Company. Ground was broken for Pedcor’s Phase I of City Center on March 23, 2006.

The CRC is responsible for the redevelopment efforts of both the Carmel City Center and Carmel Arts & Design District projects. In addition, the CRC manages other public-private partnerships where city land is being redeveloped to improve economic growth of targeted areas of Carmel. Mayor Brainard and the Carmel City Council are responsible for the appointment of CRC members. Current members include president William Hammer, David Bowers, Brad Meyer and Jeff Worrell.

“The City of Carmel is very pleased to have Pedcor as a partner in this public-private partnership. We share a vision of the vibrant downtown that Carmel City Center will become. The New Urbanism design principles that are being used in this development will make this a very pedestrian friendly project with a very welcoming atmosphere. Placing the stores up along the street, incorporating underground parking, and introducing a mix of residential, retail, commercial and entertainment uses will bring a vibrancy to the area that we don’t currently have,” said Mayor Brainard.

The CRC and the City Council have allowed Pedcor to use the property taxes that would have been paid on the building to pay the debt on parking area construction. Pedcor can then invest in an additional level on the building, increasing the overall tax income on the property.

“This makes good fiscal sense for the city because it encourages development where we already have sufficient public safety, water lines, wastewater and storm water systems, sidewalks and amenities,” said Mayor Brainard. He went on to explain that, “Some cities allow too much greenfield development away from existing services and it ends up costing them more to create these areas than they receive in tax income, so they lose money in the long run.“

Carmel City Center, the vibrant new downtown, is located on 88-acres in the heart of Carmel at the southwest corner of City Center Drive and Range Line Road, featuring luxurious residences, specialty retail and restaurants, premier office space, and The Center for the Performing Arts.

Another City Center Building, The Mezz, is a result of a partnership between the City of Carmel and Anderson Birkla Investment Partners, LLC. This was a $6 million construction project that included 44 luxury apartments and Anderson Birkla’s corporate headquarters.

This boutique development is called “The Mezz,” which plays off the mezzanine level seating in The Palladium. These buildings are located on both the east and west ends of the James Building (The Tarkington Theater building) in City Center.

“The Mezz” on the Monon, which sits on the east side of the James Building overlooking the Monon Trail, is over 25,000 square feet, including residential amenity space on the first floor. It has secure bike storage and a resident club area with a Wi-Fi internet café and HDTV sports lounge. The upper four floors are luxury apartments.

In addition to the luxury apartments along the Monon Trail, Anderson Birkla houses their corporate headquarters and additional luxury apartments on 40,000 square feet along the west side of the building on 3rd Avenue SW, called “The Mezz” on 3rd. The first floor is occupied by Anderson Birkla, and the luxury apartments are on the remaining four floors of this building.

“The City of Carmel was excited that Anderson Birkla decided to partner with us on this major project. These apartments are perfect for residents who are looking for an urban feel, within walking distance to restaurants, shopping, and events held at The Center for the Performing Arts. Carmel City Center is about bringing people together in our new downtown, and these apartments and offices will be the perfect addition,” said Mayor Jim Brainard.

The City of Carmel has estimated that Anderson Birkla will pay more than $112,000 annually in property taxes for the apartments and additional office space. The City has also projected that tenants will pay $25,000 annually in local income taxes. Anderson Birkla has invested around $300,000 for water and sewer connection fees, parks department fees, and building permit fees. They will pay $700,000 for the land in installments within the next six years. The City will provide trail improvements, plaza space, outdoor amenities, and sidewalks for this development.

The land was sold to Anderson Birkla by the Carmel City Center Community Development Corporation (4CDC). The 4CDC is a formed public corporation under the provisions of the Indiana Nonprofit Corporation Act of 1991. The purpose of the 4CDC is to finance and lease the office building separate from the CRC, much as the City of Indianapolis used Community Development Corporations to finance and lease the Murat Theatre, the Circle Block Parking Garage, and other downtown projects. The Board of Directors of the 4CDC includes Carmel residents Richard F. Taylor, III, President; Tom Crowley, Vice President; and Ron Carter, Secretary.

For more information about available space at the Carmel City Center, please contact Melissa Averitt at 317-705-7985 or melissaa@pedcor.net.


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