- Associated Press - Monday, November 23, 2015

CARMEL, Ind. (AP) - Work could begin as early as next year on a $60 million redevelopment project in the Indianapolis suburb of Carmel that includes a 224-unit apartment complex and office and retail space.

The Carmel City Council is expected to vote Dec. 7 on infrastructure incentives for the project called the Proscenium at the former Party Time Rental site. The council’s finance committee recommended approving the incentive package Thursday, The Indianapolis Star (https://indy.st/1le1jtI ) reports.

The project proposed by Anderson Birkla Investment Partners would also include a 449-space parking structure and a large community gathering place. Company Principal Tony Birkla hopes to have the project open in late 2017.

Birkla named the project the Proscenium, or the front part of a stage, because it would serve as an entry point to the city’s growing urban core.

A redevelopment partner for the 6.5-acre site has been sought for years by Carmel Mayor Jim Brainard and the Carmel Redevelopment Commission. The commission bought the land for about $3.1 million in 2012.

Under an agreement with the city, Anderson Birkla would buy the land for about $50,000, less than what the commission paid and below its appraised value of $4 million.

Anderson Birkla would pay $4.6 million toward the $10.5 million in infrastructure costs. The developer is asking the City Council to approve an $8 million bond backed by future property taxes from the site to pay for the rest of the infrastructure costs and legal fees associated with the bond.

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Information from: The Indianapolis Star, https://www.indystar.com


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