Proscenium III intends to grow in Carmel

Carmel, Indiana – In Carmel, a brand-new construction project aims to house restaurants, offices, and apartments.

Novo Development and the city have finished the first two stages of their partnership.
The Proscenium, which debuted in 2021, is located at South Rangeline and Executive. Proscenium II, which is presently being built, is situated on the corner, while the third might be located across the street.

A 125-room hotel, 15,000 square feet of retail space, and an additional 63,000 square feet of commercial space are all part of the $123 million phase.

“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.

The city council discussed on Monday how to pay for the garage now with the money that the project will raise in taxes over the next 25 years.

“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 ongoing demand for workspaces in the area is the driving force behind the redevelopment commission.

“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.

According to Mestetsky, they also have to compete with neighboring 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.

With any luck, the area will offer everything people 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.

Within the next six months, Proscenium II intends to open and is already leasing units.

If all goes according to plan, he continued, Proscenium Phase III’s groundbreaking might occur in the first half of 2025.