Indianapolis, IN

Developer planning $123M third phase of Carmel's Proscenium project – Indianapolis Business Journal

Published

2 years ago

July 16, 2024

Developer planning 3M third phase of Carmel's Proscenium project – Indianapolis Business Journal

Proscenium III would be built on the northwest side of the roundabout at South Rangeline Road and Executive Drive. (Rendering courtesy city of Carmel)

A developer with plans for a $123 million third phase of the Proscenium complex in Carmel is seeking $19 million in tax-increment financing bonds for the project.

Carmel-based Novo Development Group LLC and the city of Carmel are looking to partner to construct Proscenium III at the northwest corner of the roundabout at South Rangeline Road and Executive Drive.

If built according to current plans, the development will feature 151 apartments, a 125-room boutique hotel, 63,000 square feet of office space, 15,000 square feet of retail space, 508 parking spaces and a public plaza.

“This is a project that is being driven by the need for office because we know that some office users are still moving into new headquarters,” Carmel Redevelopment Commission Director Henry Mestetsky told City Council members. “And, frankly, for every new office move that exists, they’re really picking between Bottleworks [in Indianapolis], Carmel and downtown Fishers when we need to make sure that they pick us.”

Proscenium III would be built on land west of Carmel City Hall currently occupied north-to-south by three single-family houses, a city-owned parking lot and an office building.

The project would be bounded by the Zeta Tau Alpha International headquarters (1036 S. Rangeline Road) to the north, South Rangeline Road to the east, Executive Drive to the south and Veterans Way to the west.

A 125-room hotel is planned at Proscenium III in Carmel. (Rendering courtesy city of Carmel)

According to preliminary renderings, the boutique hotel would be built closest to the roundabout. Two office buildings would be built to the north along South Rangeline Road and an apartment building with a public plaza would be on the west side of the development along Veterans Way.

“We spent a lot of time on the architecture of the boutique hotel,” Novo Development Group founder Tony Birkla told councilors. Birkla Investment Group is the holding company for Novo Development Group.

Proscenium III would also have a 300-space parking garage, a 160-space parking garage and a 48-space surface parking lot. Eighty percent of the spaces would be open to the public, while the remaining spaces would be reserved for business and residential tenants.

“This is a project that is a primarily an office and luxury hotel project. This is not an apartments-first kind of project,” Mestetsky said. “This is what is desperately needed in the core, more walkable office, more walkable upscale hotel.”

The Carmel City Council’s Finance, Utilities and Rules Committee will next review Novo Development Group’s proposal to receive $19 million in developer-backed tax-increment financing bonds for the project. The developer would receive 95% of the TIF funds for the 25-year life of the bond. Indiana limits new TIF bonds to 25 years.

A multifamily residential building with 151 apartments and a public plaza would be built along Veterans Way at Proscenium III in Carmel. (Rendering courtesy city of Carmel)

Carmel taxpayers would not be directly responsible for the costs associated with the developer-backed TIF financing if the council decides to approve it, Mestetsky said.

Some City Council members expressed concerns about the 95% to 5% split in the proposed TIF deal, while others wondered if there would be enough parking spaces available for tenants.

Carmel and Novo Development Group also partnered on the first two phases of the Proscenium complex.

Proscenium’s $85 million first phase was completed in 2021 on the northwest corner of South Rangeline Road and West Carmel Drive.

The project’s first elements—a 100,000-square-foot Agora at Proscenium office building and a 600-space subterranean parking garage—opened in summer 2020.

Its 196 luxury apartments (called Ver at Proscenium), 15,000-square-foot restaurant building and a 22-unit condominium building opened in 2021 to complete the first phase of development.

Proscenium also has one restaurant on site—101 Beer Kitchen—and a salon and spa, Lux Lab Hair + Body. Indiana’s first Wahlburgers eatery operated at Proscenium before it closed earlier this month. The 4,600-square-foot Proscenium tavern, which is expected to house an Italian steakhouse and a wine-coffee bar, received approval last year.

Construction is expected to be complete this year on Proscenium’s $18 million second phase at 1215 S. Rangeline Road.

The five-story Proscenium II will feature 48 rental units and seven penthouse condominiums, 15,000 square feet of ground-floor space for retail and office uses, and a 120-vehicle multilevel parking garage.

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Indianapolis, IN

Rain & storms will return soon, hot & humid next week

Published

10 hours ago

June 23, 2026

Press Room

Rain & storms will return soon, hot & humid next week

INDIANAPOLIS (WISH) — Rain & storm chances are returning later in the week and it’ll really heat up next week.

TUESDAY EVENING/NIGHT:
Mostly sunny during the evening with fair skies and comfortable conditions overnight. Lows will be in the 50s for the 2nd night in a row.

WEDNESDAY:
Partly cloudy skies overall with highs in the upper 70s to lower 80s for most of Central Indiana. While most of the day should remain dry, there is a chance of a few showers & storms during the evening.
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WEDNESDAY NIGHT:
Partly to mostly cloudy. Chance of a few showers & storms. Lows in the low to mid 60s.

THURSDAY:
Variably cloudy. Chance of a few showers & storms. Highs in the lower 80s.

THURSDAY NIGHT – FRIDAY:
Scattered rain & storms are looking more likely. Some heavy rain is possible and early projections suggest another 1-3” could fall across parts of Central and Southern Indiana. We’ll continue to monitor for some severe weather potential, but as of Tuesday afternoon no part of Indiana is in an official outlook from the Storm Prediction Center. Temperatures may only be in the upper 70s on Friday if we end up with more clouds and rain/storms.

WEEKEND:
Warm temperatures in the 80s are on track along with a chance for a few showers & storms both days. Humidity levels will be rising and the heat index by Sunday afternoon could be well into the 90s.
NEXT WEEK:
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A hot and humid weather pattern is likely going to establish itself again over the Great Lakes region. While there could be a few stray storms from time to time and perhaps even a storm complex or two rolling in from the west, the main storyline will involve hot & muggy air. Highs are expected to push into the lower 90s with heat indices in the 100 to 105 range.

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Indianapolis, IN

Dry Tuesday before rain and storms return | June 23, 2026

Published

21 hours ago

June 23, 2026

Press Room

INDIANAPOLIS (WISH) — We’re in for a much better Tuesday, after all of the recent wet weather. High pressure is bringing us sunshine and comfortable temperatures today, but don’t get too used to it—rain and storms are heading back our way by Wednesday night, and we’re tracking a flooding threat heading into the weekend.

Today:

Finally, a day to enjoy! High pressure is firmly in control, giving us plenty of sunshine and comfortable conditions.

Highs today will be pleasant, ranging from the mid-70s across northern Indiana to around 80 degrees in the south.

Tonight:

Clear skies continue with lows dropping into the mid-50s to lower 60s.

Wednesday:

Another nice day as high pressure continues to dominate. We’ll see plenty of sunshine with highs climbing into the low to mid-80s. Humidity will remain low, making it feel comfortable despite the warmer temperatures.

Wednesday Night into Thursday: Heavy Rain Threat

Scattered showers and thunderstorms will develop Wednesday night as moisture increases significantly. There will be much more moisture in the atmosphere by the evening hours, which opens the door for heavy downpours overnight.

Thursday should be mostly dry during the day as weak ridging builds in behind the overnight activity. However, another round of storms could develop late Thursday ahead of a warm front moving in.

Thursday Night through the Weekend: More Heavy Rain

A storm system will move through Thursday night, bringing moderate to heavy rainfall and thunderstorms. Rainfall totals could exceed 2 inches in many locations, raising flash flooding concerns.

The big concern is training storms. When storms repeatedly move over the same areas, rainfall totals can quickly add up, leading to localized ponding and minor flooding. Low-lying areas, poor drainage spots, and areas near creeks and streams will be most vulnerable.

Sunday and Beyond: Heat and Humidity Return

Rain and storms will finally push northeast of the area by Sunday, giving us a break. But the break from rain comes with a price—heat and humidity.

By Sunday, high humidity and southerly breezes will boost afternoon temperatures near 90 degrees. Heat indices could approach mid- to upper 90sby early next week.

7-Day Outlook:

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Indianapolis, IN

Graham Rahal: Indianapolis Has a Crime Problem

Published

1 day ago

June 22, 2026

Press Room

Graham Rahal: Indianapolis Has a Crime Problem

Rahal says Indy has a worsening crime problem, with shootings and unsafe events.
He wants to create job opportunities for inner-city youth to address the issue.
Rahal challenges the city to come together and provide more opportunities for change.

Source: Icon Sportswire / Getty

INDIANAPOLIS–Indycar driver Graham Rahal says Indianapolis has a crime problem and it has to be dealt with.

On June 19th, Rahal said in a tweet that Indy has turned into a complete dump and it’s sad to say the least. He also said that there was a car event and security guarding the cars wouldn’t stay because they didn’t feel safe as there were numerous kids running around with guns.

“We have a problem that has increased and gotten worse and worse and worse. And to be silent about it and to be deaf to it is a major issue. And what’s scary in today’s society isn’t left, right, or center, contrary to what people believe. It simply is acknowledging when there is a problem and doing what we can to correct the problem,” said Rahal in a Monday interview with Query and Company on 93.5 and 107.5 The Fan.

He said there were at least four shootings in one weekend after his tweet went out.

“So people can get mad at me. When you have four shootings in one weekend, that’s unacceptable. And we cannot be tone deaf to the fact that this isn’t a Democrat, Republican, whatever issue. This is a societal issue that we all need to come together,” said Rahal.

Rahal says if a change isn’t made culturally, then Indianapolis and the surrounding areas will have further issues.

“I had my building shot last year. Okay. Cost me $31,000. I couldn’t prosecute the kids. They were juveniles. They would never turn over their identities to me. I said, I don’t want to prosecute them, bring them here and I’ll give them a job. We’ll put them to work. They can earn the windows, but also hopefully build pride working for our companies and hopefully build a future for them too. This wasn’t to take a shot at them. It was to create an opportunity of change, bring them here,” said Rahal.

Rahal said looking at him as the “villain” in this scenario doesn’t help.

“How about we all come together? We find a way to create a solution, left, right center, provide opportunity, provide places in the workplace, like at GRP, like at my buildings for inner city kids to come get an opportunity to change their lives, to work for something, to have pride in something. I’m all in on doing it, but I challenge everybody in the city to do the same things. We can’t continue to be tone deaf to what’s gone on,” said Rahal.

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