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

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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.

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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.

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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.

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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.

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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

Cost of living tops Indiana voters’ minds as primary nears

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Cost of living tops Indiana voters’ minds as primary nears


INDIANAPOLIS (WISH) — A working mother told News 8 she’s not sure if any candidates have the answers to cost-of-living problems.

Lamia Nelson works as a nurse assistant and has her own home health care business. She also works multiple side gigs. Even with all that, she said she struggles to make ends meet for herself and her three children. Nelson pulled her two younger children out of their charter school and is having them take classes at home so that she can reduce transportation costs and avoid scheduling conflicts with her work.

Nelson said the rent for the home she and her children share has risen from about $900 a month eight years ago to $1,850 per month. She says it’s extremely difficult for working parents like her to properly invest time in their children while at the same time keeping the bills paid.

“Where’s the help here? If parents have to work all day because they need to be able to afford to keep a roof over their head, where are the programs at? Where is the assistance? Where’s the helping hand for single-parent families?” she said. “My kid needs help tutoring in school. I’m at work, I have to pull a double, who’s going to help with that? They’re putting so much money into the highways and streets, why don’t you do some programs for our children?”

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Polling data shows she’s not alone. In a survey of about 1,500 voters conducted in February of this year for the conservative group Americans for Prosperity, 37% of respondents said cost of living and affordability issues were the top issue they wanted Congress to address.

The second-highest category, protecting democracy, got top marks from 21%. An Ipsos poll conducted in October logged similar numbers, with 40% of respondents saying cost-of-living issues were their top concern.

According to Ball State University political science Prof. Chad Kinsella, cost-of-living issues dominate every election cycle because they affect every voter every day. Kinsella says voters tend to punish the party in power whenever their costs of living become too great.

President Donald Trump ran on affordability issues in 2024, and Democrats are doing the same thing in 2026. The Consumer Price Index, the Bureau of Labor Statistics’ measure of inflation, showed a 3.3% rise in costs for all items in March. Much of that was driven by a 12.5% increase in energy costs driven by oil prices. Those prices spiked as a result of the war with Iran and Iran’s closure of the Strait of Hormuz, the narrow waterway through which 20% of the world’s oil flows.

“Inflation and, you know, utility, gas prices, grocery prices, and everything, it affects people no matter where they are on the political spectrum,” Kinsella said. “And they’re aware of that. And people care. And so, I think talking about those matters, even if you’re in a primary election, it’s gonna matter.”

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Lamia Nelson says gas prices are a problem for her, but rent and utilities are her biggest concerns. Moreover, she says whoever is running for office needs to come up with a plan to bring up worker pay.

According to the Bureau of Labor Statistics, the average weekly wage in Indiana during the fall of 2025, the most recent quarter for which data is available, was $1,214, compared to $1,459 for the country as a whole.

That works out to about $63,000 per year in Indiana. Indiana’s minimum wage is tied to the federal minimum wage, which has been set at $7.25 per hour since 2009. The minimum wage would have to rise to $11.10 per hour to offset inflation since then.

“They need to focus on the rent prices, and I feel like the rent and utilities go hand in hand, and they need to focus on the pay. People cannot survive with these types of pay rates employers are giving. It’s ridiculous,” Nelson.

Nelson says cost-of-living issues are far and away her top issue when she goes into the voting booth, but says she doesn’t have high hopes about the candidates currently on the ballot.

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“Of course, you’re going to want to go with who’s going to help us, but who is going to help us, in reality?” she said.

Early voting runs through May 4. Primary Day itself is on May 5. Click here to find out how to vote and check your voter registration.



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Indianapolis, IN

South Bend prepares for ‘The Greatest Spectacle in Racing’ at Indianapolis Motor Speedway

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South Bend prepares for ‘The Greatest Spectacle in Racing’ at Indianapolis Motor Speedway


SOUTH BEND, Ind. (WNDU) – South Bend is officially in “This is May” mode.

The Tire Rack’s corporate headquarters on Wednesday night was one of the race themed community events popping up across Indiana ahead of the Indy 500.

It is all part of the buildup to the 110th running of “The Greatest Spectacle in Racing” on May 24 at Indianapolis Motor Speedway.

Organizers say the point is simple, get people together, decorate, and have fun.

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Across the state, you will start seeing checkered flags, black and white drapes and homemade race day decor on porches and at businesses.

“When you say Indianapolis 500, you say Indianapolis Motor Speedway, it has Indianapolis in the name, but it really is an Indiana asset. The reason it is getting ready to have its 110th running of the Indy 500 is because of the way this entire state has embraced it,” said Doug Boles president of the Indianapolis Motor Speedway Indy Car series. “The Indianapolis 500 and the Speedway is responsible for about $1.1 billion in economic impact across our state.”

In South Bend, it is a reminder that you do not have to be in Indianapolis to feel the buzz.

Stay up to date on local news with WNDU on-air and online. Be sure to download the 16 News Now App and follow our YouTube page as we continue to bring you the latest news coverage.

Copyright 2026 WNDU. All rights reserved.

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Indianapolis, IN

Street signs unveiled in Indianapolis with preparations underway for Indy 500

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Street signs unveiled in Indianapolis with preparations underway for Indy 500


We are just over a month away from one of the biggest events in racing.

Preparations are underway for the Indianapolis 500.

Street signs are being unveiled in Indianapolis, one for each of the IndyCar drivers.

Those drivers were on hand to help hang their own sign.

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“It’s like the first tradition that kind of kicks off the month of May for us internally. So yeah, I’m excited. I’m excited to hit the track soon and see how the cars feel this year,” said Alex Palou, four-time IndyCar Series champion

All signs will be up by the end of the week.

The big race is Sunday, May 24th.

You can watch the 110th running over on FOX Michiana.



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