By Adam Aasen
A deal might be considered soon for the former Shapiro’s Delicatessen on Range Line Road.
And one of the bids received is from Pedcor, the company behind many of the city’s strategic developments such as the Carmel City Center and the Indiana Design Center.
Pedcor would is considering a bid of $2.1 million for the building with $1 million of that in debt relief and the rest of the bid in cash. A second bidder, who was not identified, placed a similar bid but in all cash. It wasn’t revealed what tenants could be expected.
Previously, the Carmel Redevelopment Commission bought the Carmel City Center parking garage from Pedcor for $22.5 million, althought according to documents provided by the Clerk-Treasurer it is currently valued by the CRC at $13.8 million. The CRC is making payments on this debt, which has raised some heated discussion at City Council meetings.
Since she took the position this year, CRC Director Corrie Meyer has stated she has been working diligently on a deal for Shaprio’s.
When the deli was struggling, Carmel agreed to help pay property taxes on the space and the CRC eventually bought out Shapiro’s nearly $2.5 million mortgage in 2010. From then on, Shapiro’s paid the CRC rent of $1,000 a month, until payments weren’t being received and the business left.
Now the CRC would like to sell to help pay for new projects.
“They’ll have to make a decision and decide which offer they want to accept,” Mayor Jim Brainard said.
One factor to consider would be which developer would turn the location into the most appealing property that fits into Carmel’s image and strategic plan. Brainard has said in the past that it’s important to take this key piece of real estate and find a use that benefits Carmel’s citizens.
Another factor is the need for cash.
“I’ve told Corrie Meyer, ‘If Pedcor buys this building, I want to see them buy it in cash,’” City Councilor Luci Snyder said. “I don’t want services rendered. I don’t want a property swap. I want cash.”
City Council President Eric Seidensticker said it’s premature to say which offer is better until he has a chance to look at them, but said there’s a good chance that cash might be the better immediate option.
“From what I hear, I think the CRC needs cash right now,” he said.
