Two developers are detailing plans for a $45 million mixed-use project in Carmel. The development would include about 250 residential units and a “major, first-floor business” connected by a sky-bridge. Construction on the Midtown West project is expected to begin next year.
March 30, 2015
Carmel, Ind. — Two developers have joined forces and announced a new $45 million mixed-use project for Carmel's Midtown area, a three-to-four story project that will bring about 250 residential units to within walking distance of Carmel's Arts & Design District and City Center projects. A major, first-floor business will anchor the two-building project that will be connected by a sky-bridge.
The announcement was made jointly by Old Town Development and Barrett & Stokely and will be situated on land west of the Monon Greenway, south of Bub's Caf? along 4th Avenue SW and 3rd Avenue SW, just south of 2nd Street SW. The Carmel Redevelopment Commission plans to sell vacant land it owns to the developers for the project, with construction anticipated to start in late fall 2016.
“This project will be a perfect fit to what we want to see in our Midtown area, a mix of residential and commercial in a walkable, sustainable environment that is good for business, good for the city and a key part of our economic development efforts to bring more jobs and a high-quality workforce to Carmel,” said Carmel Mayor Jim Brainard.
Midtown West will feature approximately 250 units, 200 one-to-two bedroom apartments for rent and 50 two-to-three bedroom condominiums with a ground floor restaurant anchor. The project also will include a 550 space parking garage, with up to 100 spaces open to the public, on the main level and a rooftop swimming pool and fitness center overlooking the Monon Greenway.
“We are proud to be part of this project. The demand for a mix of uses made this collaboration a great idea,” said Bryan Barrett, Director of Acquisitions for Barrett & Stokely of Indianapolis. “Working with Old Town and sharing ideas to make this project come together has been very exciting.”
This is the second project announced this week by Old Town Development, which is taking a lead role in development of the $150 million Midtown project. Earlier this week, Justin Moffett, founding partner of the firm, unveiled plans for a $16 million building that will house The Edison Business Lounge and Vintage Coffee/Wine Bar is part of a work-sharing space designed to attract entrepreneurs, small companies and others seeking space to work and network with others.
“We knew when we announced the overall Midtown project last fall that it would draw interest from residents and businesses who want to live and work and play near Carmel's bustling Arts & Design District and City Center,” said Moffett. “But we have been pleasantly surprised at how quickly these projects are coming together.”
For more information on Midtown, go to www.midtowncarmel.com.
Source: City of Carmel