It’s looking like Carmel City Center will have a boost in the not-too-distant future, bringing added vitality with the coming construction of The Nash. It’s a $10-million, public-private partnership between the city and Pedcor, which developed City Center, and it is the next phase in making reality a true downtown hub of activity at City Center Drive and South Range Line Road.
The three-story building is an idea whose time has come. We like the way central Carmel is evolving, and the addition of 31 apartments of varying layouts and 8,000 square feet of street-front commercial space is appealing from aesthetic and economic-development standpoints. The project represents the combined vision of Mayor Jim Brainard and developer Pedcor’s president and CEO, Bruce Cordingley. Underground parking should set the table for even more pedestrian traffic at street level, which should bring about a certain vibrancy. And the project will rise out of the soil with more dispatch than did City Center, whose construction progress, begun in March 2006, severely was hampered by the cratered economy.
The Carmel Redevelopment Commission is administering this project, which is responsible for the redevelopment efforts of both the Carmel City Center and Carmel Arts & Design District. City spokeswoman Nancy Heck stated the CRC manages other public-private partnerships where city land is being redeveloped to improve economic growth of targeted areas. Brainard and the Carmel City Council are responsible for the appointment of CRC members. The design will be New Urbanism. 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, Heck stated. It makes sense to us, and we’re enthused by the continued development of the 88-acre tract.