Carmel considers $80 million development

A planned $80 million project in Carmel would bring a retirement community, apartments and retail to a stretch of Main Street near U.S. 31.

Representatives of developer Edward Rose & Sons on Monday introduced their designs to the Carmel City Council, whose approval is needed to clear zoning hurdles.

The plans call for 422 luxury apartments; a retirement community with a mix of independent living, assisted and memory care; and townhomes for sale and rent. There also will be retail space, surface and garage parking and an area for a future hotel.

Steve Hardin, an attorney for Edward Rose, told the council that the developer aims to start construction on the infrastructure in the first quarter of 2015, with the buildings to follow later in the year.

The apartments will be built in three phases over three years, he said, while the retirement community is expected to be finished by the end of 2016.

Based in Michigan, Edward Rose has a regional office in Indianapolis. The company specializes in real estate development as well as property management, and would serve as the eventual landlord for the apartments and retirement community.

If plans are approved, the intersection of Main and Old Meridian streets will be decidedly different by 2015. Developer Keystone Realty is seeking approval to build Sophia Pointe, a five-story mixed-use development with as many as 200 apartments across from The District.

On the southwest side of the development, Grand Boulevard will be extended to Main from its existing roundabout with Old Meridian.

The two developments would be situated not far from U.S. 31, a largely commercial corridor thats been designated for high-density office use. But the immediate area has a mix of uses, including apartments, retail and schools.

Its a great fit for the Old Meridian District, said Councilwoman Sue Finkam. This project offers a lot of amenities that residents of that area would like to have.

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Carmel considers $80 million development