Indianapolis, IN
Developer planning $123M third phase of Carmel's Proscenium project – Indianapolis Business Journal
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.
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.
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.
Indianapolis, IN
That trail you walk downtown? It’s generated $3 billion for Indianapolis, study finds
See the 10th Street Cultural Trail Expansion ribbon cutting ceremon
Highlights: Indiana Ave. and 10th Street Cultural Trail Expansion ribbon cutting on Indiana Ave. on Thursday, June 20, 2024, in Indianapolis.
Since its creation, the Indianapolis Cultural Trail in the heart of Circle City has drawn millions of residents and visitors to its distinctive paved path. But according to a new report, the trail isn’t just beneficial for those looking to get out on an urban stroll or bike ride — it’s a driver for the city’s economy and quality of life.
The report, “Indianapolis Cultural Trail: A Legacy of Gene and Marilyn Glick at 20: Connecting People, Places, and Possibility,” was based on analysis by James Lima Planning + Development, a group of real estate, planning and economic development advisors. Here’s what to know about the report.
How has the Cultural Trail affected the city’s growth, development?
According to the report from 2026, the 10-mile trail has generated $3 billion in assessed property value around its path — money that supports the city and its governmental services.
The population along the trail has grown five times the city average and retail space near the trail has increased 39%, the report shows. Nearby food and beverage sales are almost twice the average per square foot in Indianapolis.
Additionally, the report shows, undeveloped land along the trail has the potential to add $1.4 billion of value in the near future. Since an initial study in 2015, the trail’s economic impact has grown from $1 billion to $3 billion.
“For nearly 20 years, the Indianapolis Cultural Trail has helped transform Downtown Indianapolis into a more vibrant, connected and economically competitive city,” Mayor Joe Hogsett said in a June 3 news release. “It is more than a trail. It is a nationally recognized public asset that drives investment, supports local businesses, connects neighborhoods and improves quality of life for the people who live, work, play and stay in our city.”
According to the report, over 1 million people use the trail each year, and almost half of downtown Indianapolis residents live within a three-minute walk of the path.
What other features does the Cultural Trail offer?
Users of the Indianapolis Cultural Trail aren’t limited to walking — the Pacers Bikeshare program, operated by the trail, has 57 bike stations throughout the city that are accessible 24/7.
The trail also features nearly six acres of plants and greenspace, offering locals and visitors an urban getaway. City planners from across the world have visited the trail to study its design, according to the report.
What is the future of the Indianapolis Cultural Trail?
Focus on the Indianapolis Cultural Trail has shifted from construction and maintenance to long-term operations and expanded resources for the public.
Kären Haley, executive director of the Indianapolis Cultural Trail, Inc. — the trail’s nonprofit — said it has grown into the “crown jewel” of the city with the growth and development it has created over two decades.
“The Cultural Trail is driving billions in investment and making surrounding neighborhoods thriving destinations,” she said in a June 3 news release. “As we enter the next phase for the Trail, we look forward to building upon our initial 20 years of impact.”
Mia Thurow is the breaking news and criminal justice reporting intern for the Indianapolis Star. She can be reached at mthurow@gannett.com.
ICYMI: Top 5 IndyStar business stories in May 2026
A busy month at the Indianapolis Motor Speedway reignited debates about hotels and the downtown heliport. Plus, Eli Lilly celebrated 150 years.
May came and went, and with it, we saw the closest Indianapolis 500 finish in history, the 150th anniversary of Eli Lilly and a contested primary election day.
There’s also been some movement in retail news ahead of the summer shopping season. On the north side, a new women’s clothing store opened while a piercing studio set up shop in Speedway. Meanwhile, an indoor children’s play place opened on the near north side.
Read on for four spots that recently opened and one in Broad Ripple that said farewell.
Openings
Monkee’s
8659 River Crossing Blvd., monkeesofindianapolis.com, opened in March
Monkee’s of Indianapolis, a high-end women’s clothing store, opened recently on the north side in the Shops at River Crossing near the Fashion Mall. The brand Monkee’s started in the South three decades ago and has since grown to nearly 70 locations. In Indianapolis, Missy Llewellyn and Whitney Schmitt started the franchise to bring the clothing brand to the Circle City.
The Nest Play Cafe
515 E 22nd St Suite 101, indynestplaycafe.com, opened early May
The Nest Play Cafe opened at the corner of Central Avenue and 22nd Street, offering an indoor space for parents and caregivers to bring their children to play. Caregivers can book 90-minute play sessions for $15 per child over the age of one. Tickets for additional siblings run $10. The cafe sells coffee and snacks, too.
Open Monday, Wednesday and Thursday 8 a.m. to 4:30 p.m.; Friday 8 a.m. to 6:30 p.m.; Saturday and Sunday 8 a.m. to noon. Closed Tuesdays.
Forget Me Not Piercing Studio
5324 W. 16th St., jessflowerspiercings.square.site, opened May 27
A new piercing studio opened in Speedway at the end of May just days after the Indianapolis 500. Forget Me Not Piercing offers traditional lobe, helix and conch piercings along with nostril and septum piercings. Artist Jess Flowers opened the one-woman shop on 16th Street.
Open Sunday and Thursday 1 p.m. to 5 p.m. and Wednesday, Friday and Saturday 1 p.m. to 7 p.m.
Black Orchid Barbers Fountain Square
1201 Prospect St. Suite 100, blackorchidbarbers.com, opened in May
Black Orchid, a local barbershop known for its sharp haircuts with a side of humor, opened its Fountain Square spot, marking the company’s seventh brick-and-mortar location. Walk-ins are welcome but Black Orchid recommends grabbing a time slot online for your preferred service.
Open Monday through Saturday 10 a.m. to 6 p.m.
Closures
Vitality IV Bar
6302 Guilford Ave., vitalityivbar.com
An IV-wellness spot in Broad Ripple shut its doors last month. Vitality IV Bar was located next to the Thieves cocktail lounge, formerly the Broad Ripple Starbucks location, before it went out of business.
Vitality IV still operates an Indianapolis-area location on Mass Ave downtown at 749 Massachusetts Ave where customers can book a variety of infusions with vitamins.
See a store opening or closing near you? Contact IndyStar reporter Alysa Guffey at alysa.guffey@indystar.com.
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