Proscenium III hopes to expand in Carmel

CARMEL, Ind. — A new development project plans to bring together apartments, offices and restaurants in Carmel.

Novo Development has completed the first two phases of partnering with the city.

The Proscenium opened in 2021 and sits at South Rangeline and Executive, catty-cornered is the Proscenium II, which is currently under construction, and across the road is the potential site for the third.

The $123 million phase would feature a 125-room hotel, 15,000 square feet of retail space, and another 63,000 square feet for offices.

“The project will also include 150 apartments, and all of that will be on top of an underground parking garage,” said Executive Director of the Carmel Redevelopment Commission, Henry Mestetsky.

On Monday, the city council discussed using the future 25 years of taxes that the project will raise, to help with the cost of the garage today.

“The developer here has taken on all the risk of building an amazing development that adds vibrancy and has free parking for our residents. The city is not on the hook for any of it, and it’s all possible using tax increment financing,” said Mestetsky.

The redevelopment commission’s drive is due to the constant demand for workspaces in the area.

“As soon as office buildings get built here in our walkable, vibrant central core, they fill up with brand new high-paying headquarters jobs,” he added.

Mestetsky says they also need to keep up with competition from surrounding cities.

“I will say that our neighbors certainly have a lot to offer in terms of vibrant office spaces as well, but the best office, the most highly amenitized office is right here in Carmel,” he said.

The space will hopefully have everything residents will need to live, work, and play in Carmel.

“They no longer have to drive to other places to enjoy that kind of nightlife and those fun activities and those experiences that we used to leave the suburbs for – now people drive to Carmel to enjoy their evenings,” said Mestetsky.

Proscenium II is already leasing units and hopes to open within the next 6 months.

He added that if all goes to plan, the groundbreaking for Proscenium Phase III could be early 2025.

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