Updated: Deal still not finalized for former Shapiro’s building in Carmel
By Adam Aasen
A deal to fill the former Shapiro’s building on Range Line Road has been delayed and has not been finalized. It was expected that the city might make an announcement during April’s Carmel Redevelopment Commission meeting about a new tenant, but no discussion came up at the meeting.
CRC Director Corrie Meyer told the Current after the meeting that there are several interested parties and that they are optimistic about reaching a deal soon but that nothing has been agreed to. The popular delicatessen occupied the building from 2001 until 2013.
The city has a vested interest in filling the spot. Carmel even helped pay property taxes on the space, and in 2010 the CRC bought out Shapiro’s nearly $2.5 million mortgage. From then on, Shapiro’s paid the CRC rent payments of $1,000 a month, but fell behind in payments. Owner Brian Shapiro said he wasn’t forced out of the space because of past-due rent, but decided to close in June 2013 to focus on his other locations. When the deli closed, it was reported that Shapiro’s owed the CRC around $79,000 at the time.
The property was put up for sale with a minimum asking price of $2.1 million.
Mayor Jim Brainard said the city received several interested calls and at least two formal bids. It was not disclosed what price the expected sale is for and if the deal is completed.
Shapiro said the Carmel location just didn’t have the lunchtime traffic he hoped for.
Conseco employees were some of his most reliable daytime customers, but layoffs at the company lead to decreased lunch traffic, he said.
“We wanted it to work, but there just wasn’t enough daytime business,” he said.
Fueling the talk about why the Carmel location didn’t succeed is the fact that Brian Shapiro is considering opening a new third location of the deli in the Keystone at the Crossing area. While nothing has been finalized, he said he hopes to open in the fall.
Shapiro’s first opened in 1905 at its flagship location at 808 S. Meridian St. in downtown Indianapolis. Another location remains at the Indianapolis International Airport.
Specifics of the deal between the CRC and Shapiro were not released. Shapiro said that due to a confidentiality agreement, he couldn’t say much.
“All I’ll say is the city got a great deal,” he said.