The property includes five parcels (1.2 acres) at the northeast corner of Range Line and Main St. The purchase price is expected to be about $2.5 million, the average of two appraisals on the land, and comes with an agreement that the bank will remain a tenant in the future redevelopment.
“The Main Street we now have in Carmel is the result of the successful public private partnerships we have had for years. These partnerships, where government and the private sector work together, have been the most important tool we’ve used to redevelop the Arts & Design District,” Mayor Jim Brainard said in a statement. “The opportunity to redevelop a parking lot on one of our main corners of the city into a beautiful landmark building is important to the continued vitality and success of the district.”
The agreement allows PNC to remain at its current site on Range Line Rd., until the redevelopment project begins. PNC will relocate to a nearby temporary facility until the new branch is built as part of the corner redevelopment project.
The acquisition of 1.2 acres, combined with almost half an acre of adjacent land owned by the Carmel Redevelopment Commission, allows the city to seek a request for proposal from developers interested in partnering on the future redevelopment project. That final site is expected to be 1.8 acres and is likely to include a mix of residential, business, retail opportunities and additional public parking. The project may take several years to complete.