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.
Advertisement
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.
Advertisement
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.
Advertisement
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.
Advertisement
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.
Karl E. Muszar, Jr., 94, Indianapolis, was called to his heavenly home June 22, 2026. He was born July 13, 1931, in Indianapolis to Karl E. Muszar, Sr. and Golda Lucille (Martin) Jones.
Karl was a 1949 graduate of Howe High School. He then enlisted in the U.S. Air Force where he served until 1955. Following his military service, he attended Purdue University and in 1958 earned a B.S. in Metallurgical Engineering. Karl worked for Allison Aircraft until 1975 at which time he started his own consulting business, Metallurgical Engineering of Indiana, Inc. Karl enjoyed photography and hiking in the mountains of Colorado. He served as a board member of Heritage Christian School from1971 to 2001.
In addition to his parents, Karl was preceded in death by his beloved wife, Barbara J. (Foulk) Muszar; sister, Boni Kennelly, and stepbrother, Wesley Jones.
Survivors include his daughter, Michelle (Mark) Anderson; son, Jeffrey Muszar; granddaughter, Brittany (Alex) Winfield; great-grandchildren, Krystiyan Hall, Czarina Green, Mikhail, and Odessa Winfield; and many nieces and nephews.
Advertisement
Family and friends will gather at 10 a.m. Saturday, June 27, 2026, at Colonial Hills Baptist Church, of which he was an active member, and where the funeral service will begin at noon.
Burial will follow in Union Chapel Cemetery. In memory of Karl, contributions may be directed to Colonial Hills Baptist Church-Missions, 8140 Union Chapel Road, Indianapolis, IN 46240. Envelopes will be available at the church.
Bussell Family Funerals is privileged to assist the family in arrangements. Condolences: bussellfamilyfunerals.com.
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.
Advertisement
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:
Advertisement
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.
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.
Advertisement
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.
Karl E. Muszar, Jr., 94, Indianapolis, was called to his heavenly home June 22, 2026. He was born July 13, 1931, in Indianapolis to Karl E. Muszar, Sr. and Golda Lucille (Martin) Jones.
Detroit, MI17 minutes ago
San Francisco, CA27 minutes ago
Dallas, TX32 minutes ago
Miami, FL39 minutes ago
Boston, MA42 minutes ago
Denver, CO47 minutes ago
Seattle, WA54 minutes ago
San Diego, CA57 minutes ago
