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CRC Proposes Purchase of Monon Square Retail Center

Carmel Redevelopment Commission Proposes Purchase of Monon Square Retail Center

Post Date:10/02/2018 8:00 AM

 

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City of Carmel
www.carmel.in.gov
One Civic Square
Carmel, IN 46032

 

NEWS RELEASE

Contact:          Nancy Heck  (317) 571-2474
Date:               
  October 2, 2018
Release:
          Immediate

 

 

 

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Carmel Redevelopment Commission Proposes Purchase

of Monon Square Retail Center

 

CARMEL, IN – The Carmel Redevelopment Commission (CRC) has offered to purchase the Monon Square retail center at the northwest corner of Range Line Road and City Center Drive. The CRC’s offer of $15 million for the 8.7 acres of land is in line with similar offers the owners have received for that property during the last few years.

 

This development will be a boost to City Center and other businesses up and down Range Line Road. The likely mixed use nature of this new development will bring workers and residents that help keep our local restaurants and businesses busy and successful. Thanks to Midtown, we are seeing even more of this along Main Street in the Arts & Design District.

 

“We appreciate that the property owners understand the importance this piece of property holds in the continued success of the area and have agreed to work with us. This purchase is similar to how we started the City Center project. In that instance, the City bought 88 acres and master-planned the area and then worked with developers to create projects that fit within our vision of the project. In the same way that we were able to design Carmel’s new downtown with City Center, we need to ensure continued quality of the area through the redevelopment of this piece of land,” said Mayor Jim Brainard.

 

 “Monon Square is a prime piece of real estate. Obtaining this property as one piece is important in order for us to create a quality project that will stand the test of time. This will allow us to work with local businesses and ensure that it does not remain a one-story suburban retail mall for the next 20 years or more. In anticipation of acquiring Monon Square, the CRC has already purchased the former Thrifty Car Rental site and has demolished the building,” said Henry Mestesky, the Director of Redevelopment for the City of Carmel.

 

While it may be several years before the buildings are taken down, it is important for the CRC to ensure that we can work on a high quality, long-term plan for this area that will help better connect the City Center and Midtown areas. It is also vital to retain some of the flavor and character of the unique small businesses and restaurants along the Monon Greenway so that we can incorporate them into the new development, which is to include outdoor public space and plazas.

 

The City and the CRC look forward to the opportunities that purchasing the current Monon Square real estate presents to the future of the City Center/Midtown area. These opportunities will align with the objectives of our long-range planning to create a walkable, thriving downtown to complement the Proscenium, Midtown and Arts & Design District redevelopment areas. 

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