The City of Carmel is continuing its efforts to redevelop its central core by offering to purchase the Monon Square retail center at the northwest corner of Range Line Road and City Center Drive.
The Carmel Redevelopment Commission announced Oct. 2 that it had offered $15 million for the 8.7 acres of land bordered by the Monon Greenway on its west side and Range Line Road to the east. A city press release states that the offer is in line with similar offers made for the center in recent years.
Current tenants include Union Brewing Company, Ristorante Roma, Soho Café & Gallery and others. The existing buildings are likely to be replaced with a mixed-use development, but construction likely wouldn’t start for several years pending approval of the sale.
“Monon Square is a prime piece of real estate. Obtaining this property as one piece is important 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,” CRC Director Henry Mestetsky stated in a press release. “In anticipation of acquiring Monon Square, the CRC has already purchased the former Thrifty Car Rental site and has demolished the building.”
The city plans to work with some of the existing businesses and incorporate them into the new development, which is planned to include outdoor public spaces and plazas.
Carmel Mayor Jim Brainard said the purchase of Monon Square would be similar to how the city worked to develop City Center several years ago.
“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,” he stated in the press release. “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.”