Redevelopment Commission sets Gramercy East allocation areas for seven phases

The Carmel Redevelopment Commission approved three declaratory resolutions on Gramercy East that establish allocation areas covering phases 1–7 and remove an older 2006 allocation area that was never used.

Commission staff presented the three resolutions together and said the parcels are being divided into separate allocation areas so the developer can match each phase to the bond timing that is most advantageous. Mr. Lee described the scope: phases 1–3 include townhomes along City Center Drive and Kinzer Avenue plus new multifamily; phase 4 will include condos with first-floor retail and podium parking; phases 5–7, part of an area referred to in the materials as Carmel Marketplace, include additional townhomes, an age-targeted component, multifamily, parking garage, plaza and retail along Carmel Drive.

The commission heard limited policy questions from members about the likely household types these developments will attract. Councilor Austin said the city has tracked school enrollments and demographic trends and noted, “we're still seeing declining enrollments … Millennials choose to have fewer kids” and that many new multifamily units tend to be one- and two-bedroom units that attract empty-nesters or younger professionals. Mr. Lee observed that townhomes may house some families but that, anecdotally, many central-core multifamily units contain fewer families.

All three Gramercy resolutions were approved by roll call. Commissioners present voted aye on each measure (President Hammer; Vice President Bowers; Secretary Brooks; Commissioner Shalio; Councilor Austin). No public testimony was offered during these items.

Why it matters: the allocation areas set the local tax-increment financing (TIF) framework that will allow the developer to pledge future increments to bonds for infrastructure and to sequence construction across the site.