A long vacant building in downtown Carmel is reborn as an event center.

Where once vaults held $100 bills, there is now a state-of-the-art kitchen, outfitted with sleek, stainless steel appliances. Just a few feet from the kitchen, in what used to be a bank lobby, an 8-foot-wide entrance big enough to drive a Ferrari through opens to a parking lot.

The vaulted space on the corner of Seventh Avenue and Dolores Street in downtown Carmel – once a bank, then a retail space – is completely transformed from its former self: Ceilings and walls have all been painted white, bathrooms have been modernized and an outdoor patio now has a fire pit at its center.

The redesign is intended to give downtown Carmel something that, until now, it’s never had: A fully-equipped event space that can host anything from weddings and food and wine tastings to special events during the AT&T Pro Am or Concours d’Elegance.

“It’s a huge need,” says Mirabel Hotel & Restaurant Group CEO David Fink, who puts on Carmel’s GourmetFest. “We turn away large parties all the time because we can’t accommodate them at our facilities.”

The building was purchased in 2011 by Jeffrey Peterson, who bought if after former owner John Mandurrago failed in his bid to turn it into condos. After a year in the planning process, Peterson’s company, CPines 7 LLC, got the the green light to convert it to an event center in early 2013.

After a year of renovation, the space – now named “Seventh & Dolores” – is set to open this January.

“It’s the only one of its type in Carmel,” says Jodi Essex, whose company Jessexholdings, LLC, came on in September to manage the space.

Everything about its redesign – the cost of which Essex won’t disclose – is high end: A new audiovisual system, teak outdoor furniture, adjustable window coverings and mobile kitchen units on wheels.

The kitchen’s design came with input from Fink’s team of chefs; he’s planning to headquarter this year’s GourmetFest at Seventh & Dolores.

“It will be a much better space,” he says, comparing it to the Sunset Center, where last year’s event was centered. “We plan to help put it on the map with our festival.”

Fink adds that Seventh & Dolores’ central location makes it even more attractive as an event space because there are upwards of 800 hotel rooms within a 10-minute walk.

The opening of the space not only fills a need for Carmel, it also fills a hole in downtown where retailers have failed to thrive.

“The space is very cool,” says Carmel Chamber of Commerce President Monta Potter, who’s only peeked in at it through the windows.

Peterson and his team did, however, incur the wrath of some local preservationists who were upset the interior wood paneling was painted over white.

Fink, though, says he’s thrilled with the makeover. “It was just a run-down building,” he says. “They’ve done an incredible job, it’s just beautiful.”

Essex says the space will be open to host events from 8am to 10pm, but could conceivably be open later if a client obtains a special events permit. She expects the center to open sometime in mid-January, pending a final signoff from the city.