4 projects reshaping Carmel's downtown

Carmel's building boom is back.

Mayor Jim Brainard begins his sixth term in January, and he is preparing to usher in a new era of development in the city's emerging urban core.

Brainard has a long list of projects he would like to complete. Unlike during his past several terms, the popular mayor will have a City Council that agrees with his way of thinking on economic development incentives, which could speed the development process. Five candidates who ran on his platform will take office in January. That is important for the mayor because several of the projects he is preparing to launch will need approval by the seven-member council for taxpayer-backed amenities.

Here's a look at what's ahead:

1. Midtown

Who: Old Town Development.

Where: Along the Monon Greenway between City Center and the Arts & Design District.

The project: A $150 million, mixed-use development with 270 flats and condos, more than 200,000 square feet of office space, and more than 85,000 square feet of commercial and retail space. Merchants Bank of Indiana has announced plans to build a corporate headquarters as part of a $25 million piece of the project, which also will include a City Market with about 20 vendors that would sell fresh products.

The city's cost: Justin Moffett, a principal with the developer, likely will ask for tax-increment financing to build a 700-space parking garage and other infrastructure. The financing potentially could be backed by general property taxes, as well.

The timeline. Moffett had hoped to begin construction this fall. He could not be reached for an update. Brainard said Moffett still is considering approaching the City Council this fall for financing. The total buildout would take five years to complete.

2. Party Time Rental

Who: Anderson Birkla.

Where: The former Party Time Rental warehouse site on Range Line Road south of City Hall.

The project: A $60 million, mixed-use project with a 236,017-square-foot apartment complex with 217 units, 60,000 square feet of offices and 20,000 square feet of retail. The project would include a large public plaza.

The city's cost: Anderson Birkla is negotiating to buy the land from the city for about $50,000 -- far below the $4 million appraised value and less than the $3,083,000 the Carmel Redevelopment Commission paid in November 2012.

The deal: In a deal still being negotiated, Anderson Birkla would pay $4.6 million toward the estimated $10.5 million in infrastructure costs needed at the site, which include demolishing a warehouse, building a parking structure, creating a large public plaza, moving overhead utilities, extending roads and sewers and, potentially, adding a roundabout at Rangeline Road. Anderson Birkla proposes to use a developer-owned bond backed by tax-increment financing.

The timeline: The Redevelopment Commission and Anderson Birkla hope to finalize the deal and receive all city approvals this year to begin construction in 2016. Co-owner Tony Birkla plans to make an announcement updating project details later this month.

3. Sophia Square

Who: Context Design.

Where: Sophia Square in the Carmel Arts & Design District.

The project: The city hired the design firm for $50,500 to create a plan to convert the courtyard at Sophia Square into a civic plaza. The design will include seating, lighting, landscaping and performance space. The city envisions using the space for community seating, restaurant patios, and festivals and special events.

The city's cost: In addition to the design contract, the city will hire and pay a firm to build the project. Previous estimates have ranged from $500,000 to $1 million, but no cost is available for the current design. The building's owner, Keystone Construction, also will deed the plaza to the city.

Timeline: Carmel will bid the project in 2016.

4. City Center

Who: Pedcor.

The project: A $100 million addition to City Center includes 10 new buildings with 575,000 square feet of residential, office and retail space.

The city's cost: Carmel will fund up to $20 million in infrastructure improvements, including a parking structure.

Timeline: Construction on two of the buildings could begin this autumn depending on weather, with more work to follow in 2016. The interconnected Baldwin and Chambers buildings will include a combined 64,000 square feet of apartments and retail.

All of the work will be completed by 2019.

What's next?

Arts & Design District: The mayor hopes to launch two massive residential and commercial projects along Main Street. He hopes to package two adjacent privately owned lots at the southwest corner of the Monon Greenway and Main Street into one large project.

He also wants to make progress negotiating with PNC to develop the lot it owns at the northeast corner of Main Street and Range Line Road.

Timeline: The mayor hopes to have news to share sometime in 2016.

Call Star reporter Chris Sikich at (317) 444-6036. Follow him on Twitter: @ ChrisSikich and at Facebook/chris.sikich .