Gramercy, Valentina redevelopment projects in Carmel withdrawn for now


Two major redevelopment projects introduced to the Carmel City Council in late 2023 have been put indefinitely on hold. 

The council tabled an ordinance authorizing the issuance of bonds for the proposed Gramercy/Marketplace and Valentina projects at its Nov. 20, 2023, meeting to allow the projects to be reviewed by incoming Mayor Sue Finkam and a city council set to have a majority of new members Jan. 1. 

At the new council’s first meeting Jan. 8, it withdrew the items related to the two projects from the agenda to give the Finkam administration time to weigh in on the plans and to gather additional feedback from nearby residents. 

“It was (proposed) under expectations set by the prior administration and didn’t necessarily reflect the expectations of the new administration,” said Tony Green, who was selected as the council president for 2024 earlier in the meeting. 

Green also said it wasn’t fair to the public to leave the item tabled on the agenda, as those interested in following the topic would not be able to easily know whether it would be discussed at a particular meeting, as it could take months to refine expectations and renegotiate the project. 

Councilor Jeff Worrell said it’s possible that either or both projects may not move forward. 

“There are some things we may want that may make the project impossible,” Worrell said. “What we may want may not be something that makes the project work.” 

Gramercy/Marketplace is a $300 million project set to be developed by Buckingham Companies between Carmel Drive and 126th Street, primarily west of the existing Gramercy Apartments. Set to be built in four phases, it is planned to ultimately include 850 rental units, 191 for-sale units, 28,000 square feet of retail space, public plazas and a 650-space parking garage.

The project includes renovating four existing Gramercy Apartment buildings, extending Kinzer Avenue south to Carmel Drive and adding a roundabout at Carmel Drive. The Marketplace area at the south end of the project is proposed in an area currently home to the 502 East Event Centre and adjacent restaurants and other businesses.

The Valentina redevelopment project is proposed to bring 380 multi-family dwelling units, 17 for-sale townhomes, 50,000 square feet of office/retail space and a 600-space parking garage north of Gradle Drive between the Monon Greenway and 3rd Ave. SW.

Keystone Group is set to develop the $150 million project, which also includes widening and improvements to the adjacent Monon Greenway. The city council is considering authorizing up to $23 million in developer-backed bonds for the project.

Finkam said that she looks forward to “collaborating with residents, our new city council and developers to redefine our development framework and put forth projects that work for all stakeholders.”