Carmel Redevelopment Commission seeking purchase of 3 parcels on Range Line Road

The Carmel Redevelopment Commission on Aug. 16 approved the purchase of three parcels along Range Line Road in the Midtown area to be aggregated with other nearby sites for future redevelopment.

The parcels, owned by Launderers of Indiana, are at 444, 506 and 508 S. Range Line Rd. and combine to total approximately 1.6 acres. The proposed purchase price is $2.9 million and requires approval from the Carmel City Council.

CRC Director Henry Mestetsky said the parcels are within the Midtown planned unit development area, which includes properties with different owners. The CRC is helping developer Old Town Companies, which already owns adjacent parcels, to aggregate the land for a future project.

“It would make no sense to build a project in a jigsaw area of what is otherwise part of a larger PUD that really needs a more thoughtful, purposeful proposal,” Mestetsky said. “Frankly, nothing has happened on these parcels because there is not one owner. So, this allows a project to be thoughtfully put together.”

Mestetsky said the purchase is contingent on an agreement to allow Old Town to purchase the land from the city once a project is approved. He said Old Town will have a right to purchase the land at the price paid by the CRC plus additional costs incurred.

Future plans for the aggregated land have not been finalized.

“There is not a specific (redevelopment) proposal now, but any proposal that happens would come before the city council for approval and be fully vetted through city council and the CRC and the plan commission,” Mestetsky said.

The CRC plans to use funds from the 2021 TIF bond for the land purchase.

As part of the purchase, the city would receive full indemnity regarding any environmental issues discovered on the site.

“It is good policy that if the CRC is going to hold land temporarily, we get a full environmental indemnity,” Mestetsky stated in an email. “We don’t expect there to be any issues, however.”

The city has purchased and aggregated land for several other redevelopment projects, including the Proscenium, Carmel City Center and 1st on Main.