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Commission approves Gramercy project agreement with public parking, plaza and age-restricted unit terms
Summary
The commission unanimously approved the Gramercy East project agreement, which requires a parking structure of roughly 516 spaces, perpetual public easements for most non-dedicated parking, public plazas and restrooms, artwork maintenance and age-targeted occupancy for a portion of the apartments.
The Carmel Redevelopment Commission unanimously approved resolution 2025-19 to adopt key terms of the Gramercy East project agreement and authorize staff to finalize the agreement.
Staff told commissioners the Gramercy agreement anticipates a parking structure with roughly 516 spaces and two public plazas. The developer will grant a perpetual easement making at least 75% of parking spaces that are not dedicated to for-sale townhomes or condominiums available to the public on a first-come, first-served basis. The agreement also requires the developer to construct public restrooms and to install and maintain artwork on the site.
A restrictive covenant recorded with the project will require that at least 50% of about 104 apartment units in a portion of the development (identified in exhibit materials as Section G) have at least one occupant age 55 or older. Commissioners asked whether the new parking structure will include security cameras; staff replied that cameras are anticipated to be in place.
A commissioner asked how many school-age children might live in the age-restricted units; staff said that number is not known at this time and that the occupancy profile will be clearer nearer construction, several years in the future.
The commission’s roll call on the measure was unanimous. Staff said the agreement’s provisions, easements and covenants will be included in the final project agreement and recorded as appropriate.
