Start 17: Clay Terrace
Cost: $110 million

Indianapolis-area shoppers and office workers will have a new retail destination this autumn. That's when Clay Terrace, a mixed-use "lifestyle center" featuring 18 buildings, 508,000 sq. ft. of retail space and 78,000 sq. ft. of office space will open in Carmel, Ind, north of Indianapolis.

The design of Clay Terrace, a low-rise development whose buildings stand 28 to 44 ft. high, began in 2002, with construction commencing in May 2003. When finished, the center will feature restaurants as well as fashion and furniture stores and other "soft goods" retailers.

Clay Terrace is a retro-look, open-air shopping center that stands in sharp contrast to the enclosed shopping malls of past decades, said Eric Mallory, senior vice president of Indianapolis-based Lauth Property Group, the center's developer and general contractor.

"There's a lot of very high pedestrian finishes," he said, referring to the inclusion of pedestrian friendly touches like sidewalks, decorative pavers, benches, lighting and rolling landscape.

"In the center of the property, we have what's called the Village Green. That's an area that will be used for public events, like concerts, fashion shows, different events put on by the development and possibly the retailers."

Two of the 18 buildings will feature second-floor offices above first floor retail space. A fountain between these two buildings is expected to be a gathering spot within the development.

All buildings impart an old-fashioned feel, including one that recreates an arcade storefront, with canopies above doorways and fabric awnings shading windows, Mallory said.

Architecturally Attractive

The primary challenges included obtaining rezoning "in a very attractive area" to build the center and accommodating a country road through the middle of the development.

"That country road bisects the property and the retail faces on this road, in a main street design," Mallory reported. "The architecture replicates a Midwest downtown in the early 1900s, with extensive use of brick and stone facades, architectural steel and very attractive facades."

Shoppers and office tenants weary of charmless shopping malls are expected to flock to the new Clay Center when it opens.

"We anticipate a very strong opening of the center for the 2004 holiday season," Mallory said. "We believe this is going to become a gathering place, because of the comfortable pedestrian feel and variety of stores and restaurants."

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