Carmel council approves $27M in bonds for Needlers, The Corner, other projects – Current in Carmel

The Carmel City Council approved more than $27 million in developer-backed bonds June 15 for four projects that include apartments, office space, condos, retail and facade improvements. The bonds will be repaid through tax increment financing with developers responsible for covering the difference if there is a shortfall.

Facade improvements are planned at Brookshire Village Shoppes. (Rendering by SITE Architecture)

What happened: The council approved $2.5 million in bonds for improvements to the Brookshire Village Shoppes retail center.

What it means: Developer KennMar anticipates spending up to $6 million to refresh the center, which will be anchored by Needlers Fresh Market. The grocer is set to sign a contract that includes a 10-year lease, but it was dependent on the bonds being approved by the city. The city received 129 letters in support of the project and two against using bonds to fund it. KennMar will receive 100 percent of TIF revenues for 25 years to repay the bonds.

Whats next: Needlers anticipates opening in the fall.

What happened: The council approved $14 million in bonds for The Corner project.

What it means: Kite Realtys $70 million mixed-use development on the southwest corner of Range Line Road and 116th Street will have 25,000 square feet of retail, 278 apartments and a parking garage. Kite will receive 100 percent of TIF revenues for 25 years to repay the bonds.

Whats next: Construction is expected to begin in early 2021 and be complete by early 2023.

What happened: The council approved $3.7 million in bonds for the Melang project.

What it means: Onyx+East will build 12 condos and 45 brownstones on 2.6 acres along the Monon Greenway just south of Civic Square. The developer will receive 80 percent of TIF revenues for 25 years to repay the bonds on the $29 million project.

Whats next: The project is expected to break ground in the fall and be complete by summer 2021.

What happened: The council approved $5.6 million in bonds for the Lot One development.

What it means: The $40 million project on 1.8 acres on the northeast corner of Range Line Road and Main Street will include 60,000 square feet of office space, four condos and 70 apartments wrapping a 325-space garage. Developer Lauth will receive 100 percent of the TIF revenues for 25 years to repay the bonds.

Whats next: Construction is set to begin in early 2021.

Follow this link:
Carmel council approves $27M in bonds for Needlers, The Corner, other projects - Current in Carmel