Carmel, PNC Strike Land Sale Deal

The Carmel Redevelopment Commission approved the agreement at its Wednesday meeting.

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PNC Bank has reached an agreement with Carmel regarding bank-owned property in the city’s Main Street area. Under the deal, the city will buy the 1.2-acre property for about $2.5 million, and the bank will remain a tenant in a future mixed-use development in Carmel’s Arts & Design District.

The Carmel Redevelopment Commission approved the agreement at its Wednesday meeting.

As part of the agreement, PNC will remain at its current site until the redevelopment project begins. It will then relocate to a temporary facility until the new branch is built as part of the mixed-use development.

The city says it can now seek a Request for Proposal from developers looking to partner on a future redevelopment project on the 1.8-acre site consisting of the former PNC property and nearby land.