Former Party Time Rental site to be transformed into $60 million mixed-use development
For months, there’s been talk about developer Anderson Birkla developing the land along Range Line Road where the vacant Party Time Rental warehouse sits.
It was recently announced that the space will become a $60 million mixed-use development with office spaces, luxury apartments, a “Tavern On The Green”- style restaurant and a large public green space for outdoor events.
The Carmel Redevelopment Commission approved plans for the 6.5 acres at 1212 N. Range Line Rd. across from the Kroger grocery store, which is undergoing its own transformation. Anderson Birkla is planning for 1.8 acres of park and green space in the project along with 60,000 square feet of office space, 20,000 square feet of retail space and 236,017 square-feet of residential space representing 229 units.
“Our goal is to welcome people as they head toward City Hall or the City Center,” said Anthony Birkla, principal of the real estate development company.
The land sat vacant for years. The vacant warehouse sits lower than street level and there is only one road connecting the property with no Range Line Road entrance. Birkla said they will demolish and clean up the site and create new connectivity by extending Veterans Way and creating two new streets entrances from Range Line Road.
In total, Birkla estimates that there could be more than $10 million in public improvements involved, which is why the company only bid $50,000 for the land. Now, the CRC, the Carmel City Council and Anderson Birkla will negotiate the project agreement and sale price. It will be decided which improvements the developer will pay for and which ones the city will pay for, but Birkla said he expects the company to make a substantial private investment into areas that can be enjoyed by the public.
CRC Director Corrie Meyer said once a mutual agreement is reached then the city and Anderson Birkla will move on to discuss turning the area into a district for tax increment financing and decide how much of that TIF revenue might go back to the developer for the public infrastructure. Meyer said it’s the hope that everything could be finished by the end of the year so Anderson Birkla can begin construction in 2016. The project could bring in an estimated $7.1 million in TIF and it’s possible that $5.9 million would be available for the project.
One of the major public pieces of the project will be a green space commons in the center of the project. Right next to it will be a family-friendly brewery-style restaurant with plenty of outdoor dining. Birkla said they will program specific uses for this outdoor space to not only entertain residents living in the development but to also attract customers to the retail establishments.
There will be a parking structure with 422 spaces to serve both office workers during the day and residential tenants at night, along with retail parking. On-street parking won’t be forgotten with 37 spots on Veterans Way, four on newly created Executive Boulevard, eight on Range Line Road and 40 on the plaza roadway encircling the center green.
Birkla said he thinks the extra on-street parking will help the area during CarmelFest and the newly constructed roads should help alleviate any traffic concerns due to increased density. He also added that he thinks the space should be maximized at different hours of the day because of the balance between office spaces and residential/retail.
There will be several different types of mixed-use developments on the project with residential located above office space and in its own freestanding brownstone buildings. Birkla said he believes these units will be some of most luxurious in Carmel.
“A lot of people talk about luxury, but they really aren’t,” he said. “The amenities available here – especially the restaurants and entertainment – will be really attractive.”