Gershman Brown Crowley to Begin Construction on First Phase of $100M Mixed-Use Project in Carmel
- Dec 21, 2012
by Adriana Pop, Associate Editor
Indianapolis-based Gershman Brown Crowley Inc. will soon break ground on the first two components of its $100 million mixed-use development in Carmel.
According to the Indianapolis Business Journal, the developer is seeking design approval from the city for a 9,600-square-foot retail building at the southwest corner of 116th and Illinois streets and a 13,200-square-foot CVS pharmacy planned at 116th and Springmill.
Gershman Brown Crowley expects to start construction in March. The pharmacy is scheduled to open in September, while the retail building is slated to be finished by October.
Dubbed The Bridges, the 62-acre project could bring as much as 250,000 square feet of retail space, 500,000 square feet of office space and 300 apartments. Construction will depend on market demand and could take up to 15 years. The Carmel City Council approved the developer’s rezoning request from residential to commercial in June 2011. The name of the project has been inspired by the old-style stone bridges planned over the site’s landscaped water features.
Bill French, a retail broker at Cassidy Turley, told the newspaper that Gershman Brown Crowley’s new retail development would serve the Meridian Street office corridor and the residents west of Meridian.
“I’m glad they’re breaking the ice with CVS and the small shops. I suspect that once that happens we’ll see a great deal more activity there,” he said.
In other news, south-side entrepreneur Joe Wolfla has announced plans for the conversion of the former Saint Francis Hospital in Beech Grove into a $20 million mixed-use senior housing complex.
The Indianapolis Business Journal reports that the new Franciscan Place development would offer more than 150 apartments, along with shops and restaurant space. Wolfla has acquired the 14-acre campus from Franciscan Saint Francis for $10.
The 900,000-square-foot Beech Grove property became available in March, when the hospital system ended all inpatient operations at the facility. Five years ago, Franciscan announced it would consolidate its Beech Grove operations into another facility located near Interstate 65 and Emerson Avenue.
Photo credits: treefroggroup.com
For more market data on Indianapolis, click here.