By Adam Aasen
Growing up in Carmel, Justin Moffett used to ride his bike through the city’s old industrial area.
Now, the area is full of vacant buildings and lots on both sides of the Monon Trail. The old grain elevator has been torn down and the area feels empty. Right between Carmel’s vibrant areas – Carmel City Center and the Arts & Design District – sits a rather dull stretch of pathways.
But now Moffett will be the first developer to begin to revitalize the area. His Old Town Design Group revealed plans and drawings on Monday for phase I of the Midtown Plan, a project that Mayor Jim Brainard has been advocating for years.
“This is not only a business decision, but it’s also a passion of mine to be involved in this area’s renaissance,” Moffett said. “I have a lot of fond memories riding my bike through this area and we hope to honor its industrial past while revitalizing it for the future.”
Moffett’s plan is expected to be the first domino to fall in a $100-million-plus plan that also involves Pedcor, a prominent developer responsible for the City Center and the Indiana Design Center. Public infrastructure improvements – including expanding the Monon Trail to two lanes – will come in time.
Old Town Design Group announced it will construct at least eight buildings on 11 acres, creating more than 200,000 square feet of new office space and 250 to 270 residential units. This means at least 800 to 1,000 office workers and 300 to 400 construction jobs. When complete, the overall value could be at least $130 million. Much of the construction could be complete by summer 2016.
Most of the space will be dedicated to office space and condominiums that are available for purchase. Moffett said Pedcor is mostly developing rental units in the area and he sees a need for more homes to buy near the hotbed of business and government activity.
Moffett’s developments are situated to the east of the Monon Trail and extend all the way to Range Line Road. Development will stretch from Monon Square Shopping Center to the south all the way to Artist Row Studios to the north.
Along Range Line Road, Moffett has secured deals to buy several existing properties to construct his project. Some businesses, such as Miller Auto Care, will relocate to a newer location as a part of his development. He noted other businesses, such as the laundry mat, appeared likely to close at some point regardless. Moffett said there were only a few tenants that expressed disappointment that their property owners agreed to sell, but for the most part, business owners were already looking to relocate or retire.
“Just by coincidence, a lot of these pieces fell into place, so it should be pretty smooth,” he said. “But I want to emphasize that Miller is not going away.”
One of the issues that will likely be debated is the construction of a parking garage to support the large influx of new workers. Moffett said he will look to secure a bond to pay for construction and will likely ask to use tax increment financing to repay the bond. He would probably ask for 75 percent of the TIF revenue and the city would receive the rest, similar to previous deals approved for The District, a development near the Old Meridian roundabout. Moffett said he would back the bond and the city would not be at risk.
Moffett wants to begin construction with the northern most building first – at a cost of $15 million – and it would include office space and what he calls select retail. If all goes according to Moffett’s plan, then Old Town Design Group would move its headquarters to this building and between the building and the Monon Trail there would be a public square that could be used for live music and events.
Old Town Design Group will file the project as a planned unit development this week in order to help clear up any zoning inconsistencies, but Moffett said the area will fit into current zoning requirements.
Work will be done on 4th Street southwest to create an easy access point and ensure proper traffic flow.
Moffett said homes in the area will likely appeal to an “empty nester” demographic that wants to live close to the action without dealing with a large yard. He said architecture will build off of his past Old Town designs and the area’s industrial history, as opposed to the Georgian architecture that characterizes the City Center. Moffett said he has been talking to Pedcor to make sure their architecture compliments their development to the west.
Some retail could be incorporated in the space – eateries and some storefronts – but Moffett said it won’t be similar to the its restaurants in the Arts & Design District or City Center.
What’s the Midtown plan?
The Midtown Plan is a $100-million project that would connect Carmel City Center with the Carmel Arts & Design District with retail and residences along a remodeled Monon Trail
The project would remove current buildings and make way for office space and apartments.
Who is or is not in favor of this?
Mayor Jim Brainard is in favor of this plan and said: “The public can’t wait to see it.”
City council had not yet seen the plans for Midtown, but council members have said they are unsure. “The tough part is balancing it with the obligations that we have now,” said City Council President Eric Seidensticker.
