Gramercy - Buckingham Companies, Carmel, IN

Media Inquiries

For media inquiries, Please contact Lee\Willis Communications
Office: (317) 469-4840

Clyde Lee
(317) 281-0028
clydelee@leewilliscommunications.com

Diane Willis
(317) 557-5589
dianewillis@leewilliscommunications.com

Download Brochure - January 17, 2006

Gramercy Brochure

Press Coverage

January 18, 2007 - Gramercy 'preview': Developers of The Shoppes offer Carmel new urban look

By Tania E. Lopez
tania.e.lopez@indystar.com

To get a snapshot of what Gramercy is going to look like in the future, one would have to look no further than The Shoppes at Providence, a developer said. The Shoppes are the latest component to the larger, 28-acre Providence at Old Meridian site, which features 330 apartments and nearly 100 completed townhomes by Ryland. The two newly constructed buildings north of Carmel Drive and fronting on the east side of Old Meridian Street feature a mixture of commercial storefronts and residential apartments. Indianapolis-based Buckingham Cos. are developers of The Shoppes and they also are behind the $500 million plan for Gramercy, a redevelopment of the Mohawk Hills golf course and apartment complex at 126th Street and Keystone Avenue into more than 2,200 apartments, condominiums and town homes. "You don't see a lot of this here," said vice president of land development at Buckingham David Leazenby, during a tour inside one of the Shoppes apartments last week.
"It's a small snapshot and it's a step toward Gramercy." So far, The Linder Co. has secured leases for a salon, an Italian restaurant and a salad shop for the ground floor commercial space of the three-story structures. Bekah's Salon/Spa is scheduled to open in early February; Dattolo's Ristorante and Pizzeria is scheduled to open in April and a When Eddie met Salad shop is scheduled to open in May or June. Linder leases the commercial space and the upper floors are leased and managed by Buckingham Cos. Mark Perlstein of Linder could not be reached for comment. Leazenby said the two Shoppes buildings are about 95 percent complete and should start seeing new tenants move in early next month.
So far, about 10,000 square feet of commercial space remain available. About a dozen of the 48 apartments have secured leases despite the fact that the city has yet to issue a certificate of occupancy to the buildings, he added. "They leased blindly without even looking at the model," he said. Each building has 24 one-bedroom loft style apartments with exposed brick walls and feature rear entrance elevators and intercom systems. The Shoppes at Providence follows the New Urbanism design that Carmel city planners have envisioned for nearly a decade since they issued the Old Meridian Task Force Report in 2000. Leazenby acknowledged that the new urbanism model is unprecedented for the city of Carmel and one that is charged with emotion for residents who are leery of the concept. But he also said new urbanism is not a threat to those accustomed to their subdivisions. "That's not changing," said Leazenby. "What's changing is better and more opportunities for housing options. Carmel is becoming much more urban and a better place to be in." Gary Hazen, co-owner of Bekah's Salon/Spa, said his was the first business to sign up for space. Hazen said he and his partner chose the location primarily because it's centrally located in an affluent area in Carmel and because of the potential to tap into the hundreds of residents living at Providence who will pass the salon on their way home. "The concept of residential and retail combined is really winning across the county," said Hazen. "Since it was fairly a new concept to the city, we wanted to be a part of that."

Call Star reporter Tania E. Lopez at (317) 444-2607.

September 1, 2006 - Cities try to parlay golf greens into greenbacks

By Dennis Cauchon, USA TODAY
CARMEL, Ind. — Tom Chapman, 76, a school bus driver, played Mohawk Hills Golf Course on the day it opened in 1975. He plans to play it on the day it closes — later this year.
The golf course and the apartment complex that surrounds it are being converted into a city-style neighborhood that eventually will be home to 5,000 people and numerous offices and shops.
COURSES CLOSING: Blame 'Tiger' effect, land values | Homes or golf?
"The apartments are worn out, but the golf course ... it's sweet," Chapman says as he prepares to tee off. "When rain shuts down other courses, Mohawk Hills is ready to play."
The economics of land development is dooming Mohawk Hills and many other golf courses across the USA. The land is too valuable to remain a golf course, especially because the sport has experienced a decline in play since 2000.
Mohawk Hills is typical of the golf course that doesn't make financial sense any more. It's a modest nine-hole course built to attract people to an upscale luxury apartment complex built in the 1970s in a rural area north of Indianapolis.
Since then, the town of Carmel (pronounced CAR-mull) has gone from small town to affluent suburb. It's one of the most desirable places in the Indianapolis area, and open land is scarce.
Buckingham Companies, a real estate company, bought the 116-acre property two years ago. Over the next decade, the company plans to spend about $500 million to build property into a vibrant urban community called Gramercy, named after a neighborhood in New York City.
"The vision is to create a community where you can walk to the grocery stores or shops," says David Leazenby, vice president of land development for Buckingham.
The market has spoken on Mohawk Hills.
On a recent day, the first golfer didn't show up until 8:30 a.m. The number of rounds played on the course has fallen from 25,000 10 years ago to about 18,500 now.
The area has many courses nearby, many newer and built during the golf construction boom of the late 1990s.
Most golf courses are being converted into single-family homes, often expensive ones.
In Silver Spring, Md., a developer plans to turn Indian Head Country Club into 800 homes. In San Jose, Calif., a developer offered in July to buy Almaden Golf and Country Club and turn it into housing for baby boomers. Club members there haven't decided whether to sell their 135 acres.
Other courses are being converted into commercial developments. In Clinton Township, Mich., the Hillcrest Banquet and Golf Course will be the site of a big Meijer's grocery store.
Most opposition to closing golf courses comes from people who prefer less dense development or want to preserve green space in fast-growing areas.
Douglasville, Ga., saved the 165-acre West Pines Golf Course from development by buying it for $5.3 million.
Neighbors tried to stop the Gramercy proposal in Carmel, saying it was inappropriate for a neighborhood of mostly single-family homes. But the City Council approved the development Aug. 22.
"It's way too dense and generates way too much traffic," says City Council member Mike Rattermann, who voted against the proposal.
But Rattermann, a real estate appraiser, doesn't oppose closing the course. "Redevelopment of golf courses is a natural thing if you believe in the market, as I do," he says. "Golf courses take up so much land that when land prices go up, the course will be developed into something new."
The weakening real estate market could slow the conversion of golf courses into homes. new-home sales fell 21.6% in July compared with 2005. But that change isn't apparent yet.
So far, golf course conversions have followed the demand for homes, especially in hot real estate markets.
Wild Wing Plantation near Myrtle Beach, S.C., is downsizing from 72 holes to 36 holes to free up space for residential development. Bay Tree Plantation in Myrtle Beach closed 36 of its 54 holes in May.
"We overbuilt golf courses in the 1990s," says Mickey McCamish, president of Myrtle Beach Golf Holiday, a non-profit group that promotes golf in the area. The course closings have helped the golf clubs that remain, he says. The average number of rounds played per course is up, although the number of golfers hasn't increased.
Many golfers are sentimental about losing courses they love.
Mike Waldron, executive director of the Georgia State Golf Association, grew up as a kid playing Lakeside Golf Club in Atlanta. He has warm memories of the course, from riding a bike there as a kid to shooting his first under-70 round while in college.
The course is being converted into homes. Waldron recently visited. He walked on a newly paved cul-de-sac, where utilities were being installed.
"I realized I was standing on the third green," he says. Other holes were overgrown by weeds. The clubhouse had been torn down. Waldron got in his car and drove away.
"It was a cleansing experience for me," he says. "I was able to say to myself, 'Yes, it's gone now, for sure.' "
Posted 8/31/2006 11:31 PM

August 27, 2006 - Vintage Manhattan moves to Indiana

(Copyright 2006 by the Chicago Tribune)
Despite strong opposition from hundreds of residents, the City Council approved a $500 million project that includes building more than 2,000 condominiums, townhouses and apartments designed to resemble 1800s Manhattan.
Supporters maintain that the Gramercy redevelopment plan is key to efforts to transform this north suburban Indianapolis city's core into an urban downtown.
The 5-2 vote for the project came despite opposition from hundreds of residents who say the 116-acre proposal would be too densely populated and too close to adjacent homes and would generate a traffic nightmare.
The project, which also includes plans for retail shops, office space and a hotel, would be built at the site of Mohawk Hills, a 1970s-era complex with apartments and a golf course that's surrounded by some of Carmel's most established neighborhoods.
At last week's meeting, neighbors presented the council with a petition of nearly 600 signatures of people opposed to Gramercy. "The citizens of Carmel don't want their city turned into New York. We like our quiet, suburban lifestyle," said Karen Carter, 40, who lives next to Mohawk Hills.
Indianapolis-based Buckingham Cos. plans to invest half a billion dollars over 10 to 12 years to build Gramercy.
Vice President David Leazenby said his company's project would improve Carmel's quality of life with high-end housing, neighborhood parks and amenities within walking distance.
Carmel Mayor Jim Brainard said Gramercy would make adjacent neighborhoods more appealing, increase property values and expand the city's tax base.

August 25, 2006 - Carmel moves ahead with new urbanism

"Carmel moves ahead with new urbanism"
Indianapolis Star
Indystar.com: Opinion
August 25, 2006

Our position: Carmel project is an attractive alternative to typical suburban sprawl.

Carmel is quickly evolving from a standard, if much wealthier than average, suburb into a vibrant community that maximizes cultural and recreational attractions.
A high-density housing, retail and office complex known as Gramercy, for its effort to resemble an 1800s Manhattan neighborhood, fits with that evolution. But such change isn't without controversy, as the appearance of hundreds of protesters at a Carmel City Council meeting this week attests.
Is the southwest corner of Keystone Avenue and 126th Street the best location for such a large complex? Is the project an ideal fit for the neighborhood? Is the pace of change too rapid for Carmel to absorb?
Those questions defy easy answers.
What isn't debatable is that suburban sprawl is consuming valuable farmland in Central Indiana, from Martinsville to Noblesville. An auto-centered lifestyle, meanwhile, creates problems that vary from traffic congestion to air pollution, dependency on Middle Eastern oil to obesity in adults and children.
More high-density projects that couple residential, retail and office development with parks, schools and cultural amenities are needed throughout the metro area, including older areas of Indianapolis.
Carmel has taken the leadership in this new urbanism. Its officials have looked at the more progressive communities around the nation to see what works and what doesn't. With an innovative master plan, a City Center project, an Arts & Design District, a network of parks and trails, Carmel has gained a reputation as one of the country's most livable communities. In return, the city is able to lure jobs and businesses, increase property values and make life more attractive for most residents.
Carmel's housing market and its rate of growth suggest visionary leaders and developers are doing something right.
Carmel Mayor Jim Brainard argues that Gramercy ultimately will improve surrounding neighborhoods, increase property values, expand the tax base and be embraced by the larger community. If not, he and council members supporting the project will face voters' wrath.
Change is wrenching, just as it was for those uprooted decades ago when developers began subdividing farms in Hamilton County. City officials and developers need to address concerns of existing homeowners threatened by this latest change, even as they promote the transformation driving it.

March 9, 2006 - Gramercy road plans detailed

The Indianapolis Star
March 9, 2006
Section: ZONE NORTH - HAMILTON COUNTY A.M.
Edition: FINAL EDITION
Page: H01
Gramercy road plans detailed
Consultant says streets must be widened and new sections built to accommodate large project
BRUCE C. SMITH BRUCE.SMITH@INDYSTAR.COM
A traffic consultant says Keystone Avenue and other roads around Carmel's proposed Gramercy development would have to be widened to carry the increased number of cars.

Steven J. Fehribach, vice president of A and F Engineering, said upgrades in the road system would be needed -- providing for the traffic resulting from Gramercy as well as an increase of 1.5 percent a year in all other vehicles in the area.
His projections about the traffic in the area around Keystone, 126th Street and Carmel Drive look out through 2016. Buckingham Properties, which is proposing the development of homes and businesses named for Gramercy Park in New York, predicts construction could take a decade or more. Buckingham owns the 1970s-era Mohawk Hills apartment and golf course 116-acre complex that Gramercy will replace. The half-billion dollar project is to include a mix of apartments, townhomes and businesses ranging from hotels to restaurants to offices. The current 564 apartments would be replaced by an estimated 2,000 residential units.
Fehribach, a consulting traffic engineer hired by Buckingham, told a Carmel Plan Commission panel in a hearing Tuesday that the added traffic from the development can be handled with some road improvements.
He recommended: A new road from the Gramercy site onto the southbound lanes of Keystone. Widening a section of 126th from the current two lanes to four 12-foot-wide lanes. The added lanes could improve through-traffic and also give clear turn lanes. Build a new section of road south of the Gramercy site to connect with Carmel Drive. It might have to go through an existing business. A McDonald's restaurant, the Fountains conference center and two small strip shopping centers along the north side of Carmel Drive are in the general path of a new road. Traffic and future road construction are some of the biggest worries for homeowners in the neighboring Auman and Enclave of Carmel subdivisions.
They worry new roads might cut through their yards or homes, and traffic could become jammed in their neighborhood.
Fehribach said traffic studies indicate about 50 cars would pass through Auman in a peak hour. Residents said it would add a lot of cars to their quiet neighborhood, though Fehribach said the roads could handle it easily.
Buckingham is expected to suggest a special tax increment financing district be created by the city so that the new property taxes from Gramercy pay for the roads and infrastructure.
Call Star reporter Bruce C. Smith at (317) 444-2605.
_________________________________________________
SAME ARTICLE ALSO APPEARS IN THE STAR NORTH EDITION PAGE N01 ON SAME DAY.

March 3, 2006 - Townhomes offer 'live-work' option

The Indianapolis Star
March 3, 2006
Townhomes offer 'live-work' option
By Bruce C. Smith
bruce.smith@indystar.com

The trees have been cleared away, and earthmoving has begun on another key portion of
Carmel's Arts and Design District in the heart of the city.
Construction is under way on Monon and Main, a development of three-story townhomes
along Main Street just west of the Monon Greenway.
Some of the townhomes will allow the owners to open business offices on the ground floor
and live on the upper levels.
With the first work on the site, potential buyers of the new homes are already lining up. A
waiting list has at least 50 names for the 77 units.
Erinn Mosher of Gunstra Builders, which is developing the 4-acre site and constructing the
new homes, said the first models could be ready to see by fall.
Monon and Main is proving so popular, she said, "because it is an awesome location, right
on the trail, where you're able to walk to the shops and restaurants in downtown and even
to Carmel High School, that isn't too far away."
Residents in the area could walk to the butcher shop, the florist and gift store, a winery,
barber and beauty salons, diners, yoga studio, women's clothing stores and home-décor
businesses.
When hungry, there's Bub's Burgers & Ice Cream eatery next door to Monon and Main. Or
Muldoon's pub is a block up Main.
"The Monon Greenway is one of the busiest in the nation, with thousands of people on the
trail on summer days," Mosher said.
Several blocks to the east, the city's Redevelopment Commission has helped private
developers in construction of two three-story buildings at Main and Range Line Road that
will house art and design-related businesses.
Old Main is at the center of the city administration's goal of creating an Arts and Design
(1 of 2)3/3/2006 1:44:02 PM
Townhomes offer 'live-work' option
District.
Two large decorative stone and iron gates have been erected at the south and east sides
of Range Line Road and Main in the evolving Arts and Design District.
Another of the gateways will be constructed at Main near the new Gunstra townhome
development.
Mayor Jim Brainard and other city officials are scheduled for a ceremonial groundbreaking
for the Monon and Main townhomes March 16.
Mosher said the townhomes, which will come in six floor plans depending on the number of
bedrooms and baths, will be priced from $200,000.
Each of the 18 brick and concrete-siding buildings will be three stories, with a garage and a
bonus room on the ground level. The kitchen and living room are on the second floor, and
bedrooms are on the top floor.
That bonus space in the 19 units that face Main will be designed so that it could be used as
a professional office or similar light business purpose. It's part of the "live-work" design to
blend the residential with the commercial property along Main.
Longtime Carmel residents have been surprised -- some were a little shocked or even
dismayed -- by the removal of the stand of trees on the 4.5-acre townhome site.
It now looks bare compared with the familiar wooded area.
Jim Morgan, sales manager for Gunstra, responded that he grew up in Hamilton County
and has been sorry to see trees disappearing to make way for new construction.
"We, too, wish we could have left trees on this location. However, to get the look of the old
downtown, it wasn't possible," he wrote in a response to the concerns.
"There is a beautiful new community coming, where the (residents) will be able to walk out
their front doors and right into all that downtown Carmel will have to offer: restaurants,
shops, the Monon and much more. They are going to feel like they're on vacation at some
wonderful resort every day.
(2 of 2)3/3/2006 1:44:02 PM

February 21, 2006 - Mohawk Hills project to be presented tonight

The Indianapolis Star
February 21, 2006

Carmel
-- The Carmel Plan Commission will get its first look tonight at a proposed redevelopment of the Mohawk Hills apartments and golf course.
The plan would make over part of the core of the city of Carmel.
Buckingham Properties is proposing a mixture of townhomes, apartments, hotels, offices, retailers and restaurants, and parks, and a civic plaza to be called Gramercy.
It would be on the 116 acres where the Mohawk Hills apartments and nine-hole golf course have been since the 1960s, east of Keystone Avenue between Carmel Drive and 126th Street.
The Plan Commission, which meets at 6 p.m. today in City Hall, typically sends newly filed projects to a committee for further study. Public hearings will be held during the process, which can take several months.
City officials, who say they like the new urbanism concepts of Gramercy, estimated the project would cost hundreds of millions of dollars. It could increase the number of living units from 564 apartments currently in Mohawk Hills to nearly 2,000 in Gramercy, but city officials are less concerned about urban density if the quality of the development is high.
Mohawk Hills apartment residents have said they worry about being required to move. And homeowners in the neighboring Auman subdivision are uncertain about the impact on their property values and an influx of traffic on narrow streets.
David Leazenby, vice president of Buckingham, said the company has sent letters to apartment residents to say no one is being forced to move soon because Gramercy will be a long-term project.

February 21, 2006 - Gramercy development heads to planning panel

The Indianapolis Star
February 21, 2006
Section: ZONE NORTH - HAMILTON COUNTY A.M.
Edition: FINAL EDITION
Page: H01
Gramercy development heads to planning panel
'New urbanism' concept for Mohawk Hills site would combine retail and residential
BRUCE C. SMITH BRUCE.SMITH@INDYSTAR.COM
The Carmel Plan Commission will get its first look tonight at a proposed redevelopment of the Mohawk Hills apartment and golf course.
The plan would make over part of the core of the city of Carmel. Buckingham Properties is proposing a mixture of townhomes, apartments, hotels, offices, retailers and restaurants, and parks, and a civic plaza to be called Gramercy. It would be on the 116 acres where the Mohawk Hills apartments and nine-hole golf course have been since the 1960s, west of Keystone Avenue between 126th Street and Carmel Drive.
The Plan Commission, which meets at 6 p.m. today in City Hall, typically sends newly filed projects to a committee for further study. Public hearings will be held during the process that can take several months.
City officials, who say they like the new urbanism concepts of Gramercy, estimated the project would cost hundreds of millions of dollars. It could increase the number of living units from 564 apartments currently in Mohawk to nearly 2,000 in Gramercy, but city officials are less concerned about urban density if the quality of the development is very high.
Mohawk apartment residents have said they worry about being required to move. And homeowners in neighboring Auman subdivision are uncertain about the impact on their property values and an influx of traffic on narrow streets.
David Leazenby, vice president of Buckingham, said the company has sent letters to apartment residents to say no one is being forced to move soon because Gramercy will be a long-term project. "We're still advertising and leasing apartments to new residents who could stay a long time.
"And we've been going through the (Auman) neighborhood knocking door-to-door to open lines of communication," he said.
Early discussions have begun between the developer and city traffic engineers to work out changes and improvements to nearby roads to handle the added cars.
"We'll have to follow the city's thoroughfare plan," Leazenby said, which shows connections to Auman Drive, 126th and Carmel Drive.
Call Star reporter Bruce C. Smith at (317) 444-2605.
_________________________________________________
SAME ARTICLE ALSO APPEARS IN THE STAR NORTH EDITION PAGE N01 ON SAME DAY.

January 12, 2006 - New look for core

January 12, 2006
Section: ZONE NORTH - HAMILTON COUNTY A.M.
Edition: FINAL EDITION
Page: H01
New look for core
Urban Gramercy would replace Mohawk Hills
BRUCE C. SMITH BRUCE.SMITH@INDYSTAR.COM
The tired and aging Mohawk Hills apartments and golf course, a 1960s-era complex in the core of Carmel, could give way over the next few years to one of the biggest makeovers in the city's history.

Real estate developer Buckingham Properties has filed plans for city approval that would mean demolishing the 564-unit apartment complex and nine-hole course in the next few years.
The 2006 season could be the last for Mohawk Hills Golf Club, with its nine fairways and greens that weave among the apartment buildings.
The 116-acre site at 126th Street and Keystone Avenue in the city's core would be transformed into a new urbanist-style development of upscale townhomes, apartments, hotels, offices, senior living units, cafes, parks, plazas and a central business district. A clock tower would be an icon of the development.
Buckingham calls it Gramercy, an expression derived from French, reflecting thanks, gratitude and surprise.
The traditional urban neighborhood design, with its ornate business buildings around a plaza and brownstone apartment buildings, is modeled on 100-year-old architecture in city centers around the world. The name borrows from the upscale and historic Gramercy in Manhattan that dates from the 1830s.
"It's almost like they are planning to build a small city within the city," said Carmel redevelopment director Les Olds, referring to the Buckingham project.
Real estate experts said it could easily cost hundreds of millions of dollars to turn the Gramercy concepts into reality during the next seven to 10 years. It would dramatically change the 126th Street, off of Keystone, gateway into downtown Carmel.
The architectural and land use philosophy of Gramercy would mesh with city officials' plans for reshaping the City Center and Old Town with a Performing Arts Center and an Arts & Design District.
"This should fit well with what the city is already doing nearby. I think people will like the feel of this place," said David Leazenby, vice president of land development for Buckingham.
Gramercy, he said, will be pedestrian-friendly. And it will have a higher density of housing than the four units per acre that city planners enforced 40 years ago when Mohawk Hills was built.
Buckingham's plans will be introduced at a city Plan Commission meeting Feb. 21 and begin a review process that typically takes months. The designs are mostly conceptual and don't have great detail, including the number of housing units.
However, city officials said there could be 1,200 to 2,000 units for sale and rent, or several times more than currently in Mohawk Hills.
It is a project conceived to fight suburban sprawl that absorbs farm land and wildlife habitat.
"This is growing smarter," Leazenby said.
Carmel Plan Director Mike Hollibaugh agreed that today's design trends are much different than the 1960s Tudor style of Mohawk Hills.
"This is changing the face. It is a huge project. It is a key location in the core of Carmel, and it fits exactly with our civic design process. Look at a map of future neighborhoods, and you'll see a project just like this.
"We're trying not to use density of housing to measure some projects these days but rather to make sure the development is first class and very high quality. We want to make sure the details will be consistent with the City Center," Hollibaugh said.
"Of course, we don't take the loss of the green space lightly," he said. "You won't see the wide open vistas of the golf course, but there will be green spaces and parks within two or three minutes' walk."
Traffic engineers have been looking at the possible effect of more people living, working and visiting the area.
While Mohawk Hills has just one driveway, which is off 126th, Gramercy will have two on 126th plus an extension of AAA Way or another road off East Carmel Drive on the south side. At least four new drives are planned on the west side connecting to the Auman subdivision.
Buckingham is a real estate development and apartment ownership company with at least a dozen projects in Indiana and neighboring states, including several in Carmel.
It bought Mohawk Hills in 2004 for a reported $30 million from Chicago-based Executive Capital Corp, which had owned it since 1980. Buckingham has updated the clubhouse and made other improvements.
Leazenby said residents' leases remain in effect and any moves would occur over several years . The complex averages about 86 percent occupancy. Up to 50 percent of residents move annually.
Mohawk Hills was built by the late Robert Bodner, an Indianapolis developer, who flew a plane over then-remote areas around Indianapolis looking for farm fields with potential.
One of his sons, Steve Bodner, said Mohawk Hills was built on such a farm, divided by construction of Keystone Avenue.
The golf course was added in 1973, according to Steve Shanks, who has worked at the course nearly 32 years, including the past 26 years as the pro.
He sent a letter to members saying the course is to remain open through this year, but the future is uncertain. About 22,000 rounds of golf were played there last year, down about 35 percent from 10 years ago.
Call Star reporter Bruce C. Smith at (317) 444-2605.
_____________________________________________
SAME ARTICLE ALSO APPEARED SAME DAY IN THE STARNORTH SECTION ON PAGE N01.

Printer Friendly