By Adam Aasen
adam@youarecurrent.com
The Carmel Redevelopment Commission is expected to accept a bid for the long-vacant Shapiro’s Building from Pedcor, a prominent developer in the area.
Pedcor, the company also behind the Carmel City Center and the Indiana Design Center, would pay $1 million cash and forgive about $1 million in debt that the city owes to Pedcor. CRC Director Corrie Meyer will recommend accepting the bid at their meeting Wednesday afternoon. From that point, the Carmel City Council will go over the deal and vote on whether to approve the bid.
It’s likely that the Shapiro’s building will be occupied by multiple tenants instead of one large restaurant. Meyer said it’s believed the city and Pedcor both would like to something in the food service industry, such as a merchant that sells wine, cheese, meats and high-end liquors.
It’s been said that Joe’s Butcher Shop has interest in the space and owner Joe Lazzara has previously said that at some point he will need to expand in a larger space.
Previously, the Carmel Redevelopment Commission bought the Carmel City Center parking garage from Pedcor for $22.5 million, although 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.
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.