Cost of Parking Spaces at Pedcor BuildingHow much do 6 parking garages cost
Carmel?
C> niiChris Sikich, chris.sikich@indystar.com indystar.com 6:08 a.m. EST November 24, 2014
Plans for the next phases of development for Carmel City Center were unveiled today, Tuesday,
December 17, 2013. This is one of the plan renderings. Photo provided by Pedcor(Photo: Evan
Denis)
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Carmel has become significantly involved in financing and maintaining parking garages built to
serve its emerging downtown.
The city has provided funding for six parking garages in the past decade in City Center and the
Carmel Arts & Design District.
More are planned over the next several years, including a $13 million garage that's on the City
Council's agenda this month as part of a proposed $20 million bond issue.
Carmel is using tax increment financing — commercial property taxes drawn from new
developments — to pay back the public debt on all of the garages. Ultimately, though, property
taxes would be raised to back the debt if those revenues fall short.
The city also taps its general fund to pay more than $400,000 in annual maintenance costs on
many of the garages, including labor, supplies, utilities, snow and trash removal, repairs and
management fees.
I -fere are the details.
•
1. Cannel City Center.
What: The garage serves the initial Carmel City Center project, a mix of five buildings that have
reshaped the city's skyline with 256.000 square feet of retail, office and residential space.
Developer: Pedcor.
Owner:Carmel.
The city's construction cost: $13.8 million.
Annual city maintenance fees: $58,000.
Garage spaces: 268.
Who can use then: 135 spaces are always open to the public, 22 are reserved for tenants during
business hours, and 1 1 1 arc reserved for residents.
Additional parking: An additional 168 public and reserved spaces serve the building on the
plaza level and along surrounding streets. Pedcor also paid $350,000 to build 117 temporary
spaces west of the garage and 60 temporary spaces north of City Center on land marked for
future development.
2. The James Building.
What: The James Building parking garage is attached to The Tarkington theater and serves as
general parking for shows and events at The Center for the Performing Arts.
Owner: Carmel.
The city's construction cost: Unavailable. Carmel officials didn't separate the cost from the
$175 million arts center in public documents.
Annual city fees: $100,000.
Garage spaces: 600.
Who can use them: All but a handful of the spaces are open to the public. After an adjacent
apartment/oflice project called The Mezz is completed in 2015, 60 spaces will be reserved for
tenants.
3. Sophia Square.
What: The parking garage serves one of the Carmel Arts & Design District's keystone buildings,
Sophia Square. The 260,000 -square -foot building includes 202 luxury apartments and 46,000
square feet of retail space.
Developer: Keystone Construction.
Owner:Carmel.
Garage spaces: 587.
The city's construction cost: $13 million.
Annual city maintenance fees: $213,000.
Who can use them: All of the spaces are open to the public and tenants. Keystone has the option
to lease and reserve half the spaces in the future.
4. Indiana Design Center.
What: The parking garage serves the 82,000 -square -foot Indiana Design Center within the
Carmel Arts & Design District.
Developer: Pedcor.
Owner:Carmel.
The city's construction cost: $4 million.
Pedcor's construction cost: $1 million.
Annual city maintenance fees: $34,000.
Garage spaces: 109.
Who can use them: 82 spaces are always open to the public. The remaining 27 spaces are
reserved during business hours or for tenants.
Additional parking:Pedcor also funded $1 million toward 82 surface public parking spaces,
including land costs. An additional 44 spaces on adjacent streets serve the building.
5. The Nash.
What: The parking garage will serve the Nash building, which will include 30 apartments and
10,000 square feet of commercial space when it is finished in 2015.
Developer:Pedcor.
Owner:Pcdcor.
The city's construction cost: $2 million.
Pedcor's construction cost: $500.000.
Annual city maintenance fees: None.
Garage spaces: 44.
Who can use them: Tenants.
Additional parking: The building will have 39 surface spaces, with at least 20 open to public
customers.
6. Pedcor Square.
What: The garage serves Pedcor's corporate office complex west of the Palladium.
Develo per: Pedcor.
Owner:Pedcor.
The city's construction cost: $1.5 million.
Pedcor's construction cost: $5 million.
Annual city maintenance fees: Pedcor has the ability to bill the city for maintenance but never
has done so.
Garage spaces: 240.
Who can use them: The spaces are for Pedeor's buildings, but the company is opening the
garage for public parking for concerts at The Center for the Performing Arts.
Additional parking: 60 privately owned surface parking spaces.
Sources: The Carmel Redevelopment Commission, Pedcor, Star archives.