Carmel developer launches new Midtown project
The City of Carmel and Old Town Development LLC announced last week details for the first major development in the Midtown area, an investment of up to $150 million that will bring more than seven new buildings on approximately 11 acres of land in the redevelopment areas south of Main Street.
Highlights of the project include up to 270 new residential units in the form of flats and condos, more than 200,000 square feet of office space, more than 85,000 square feet of commercial and retail space located throughout the new buildings and a 700-space parking garage. Old Town Development is partnering with the City of Carmel to develop the land in a way that will create a walkable, pedestrian-friendly area that will connect the Arts & Design District to Carmel City Center along the Monon Greenway.
“We are very pleased to join in announcing this development. Justin Moffett is a Carmel native who has already established himself as a builder of note, creating beautiful homes in the old town area and helping to transform those neighborhoods,” said Carmel Mayor Jim Brainard. “This is the first major project in an area that will be a key part of the continued success of our new downtown.”
The largely industrial Midtown area lies in the heart of Carmel, connecting the city’s two primary focal points of redevelopment – the Arts & Design District and Carmel City Center. The redevelopment of Midtown between these two anchors, is a key component of the city’s efforts to create a walkable, pedestrian-friendly area centered along the Monon Greenway, providing the interest and activity that will encourage walking from one anchor to the other. Bordered by Main Street to the north; City Center Drive to the south; Range Line Road to the east and areas around 3rd Ave SW, Midtown holds the potential to one day complete a continuous downtown core in Carmel with a mix of residential and commercial projects that could constitute a largely self-reliant urban environment.
“We are thrilled to play an active part in rebuilding an area of downtown Carmel that holds so much promise for a thriving city,” said Justin Moffett, partner of Old Town Development. “This is the city where I grew up, the city where I chose to build a business and raise my family … a city that I love.”
The economic impact of the project will be a positive boost for Carmel and its local shops and restaurants. An estimated 800 to 1,000 permanent new jobs will be created as a result of the office and commercial spaces; and 300 to 400 full-time construction jobs will be created on an annual basis until the project is completed.
The details of the new Midtown project will be shared and updated on a new website:http://www.midtowncarmel.com/
Old Town Development will file zoning documents for the Midtown redevelopment area with the City of Carmel later this week. Construction could begin by summer of 2015. It is anticipated it will take at least five years to complete the project.