City Center expansion plans could cost $100M

Six more buildings planned for the massive Carmel City Center development are ready to come off the drawing board.

Developer Pedcor Cos. on Tuesday unveiled conceptual designs for four mixed-use buildings, a parking garage with ground-floor commercial, and an addition to its Pedcor Square office complex. The additions are expected to cost $80 million to $100 million, and take four to five years to build.

Work is under way on The Nash, a three-story, $10 million mixed-use building that kicked off the second phase of the ambitious redevelopment project earlier this year. More than half of the commercial space there already is leased, said Bruce Cordingley, Pedcor's president and CEO.

Tuesdays announcement provided a glimpse of what else could join the sprawling commercial-and-residential hub at the corner of City Center Drive and Range Line Road. Also part of City Center are the iconic Palladium concert hall and the Center for the Performing Arts, projects that represent a public investment of about $200 million.

"This is our vision" for all but the last two or three buildings at City Center, Cordingley said, calling the designs preliminary. "We welcome ongoing input."

Cordingley said the timing and financing of projects will be determined after talks with the Carmel City Council and city development groups, expected to begin early next year.

Outgoing City Council President Rick Sharp and council Finance Committee Chairwoman Luci Snyder each expressed support for Pedcor's plans, saying that finishing the City Center project is a priority. After her public remarks, Snyder said public funds could be used to pay for roads and other infrastructure, including parking.

"That's our job," she said.

City Centers first phase included 106 apartments and 62,000 square feet of retail/commercial space. The Nash, which is going up along Range Line Road south of City Center, will have 8,000 square feet of street-level commercial space and 31 one-, two- and three-bedroom apartments on the upper floors.

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City Center expansion plans could cost $100M