Edward Rose Plans $80M Mixed-Use Development in Carmel
A large-scale mixed-use complex could soon rise on one of the last remaining undeveloped sites in Carmel’s Old Meridian district.
According to the Indianapolis Business Journal, a plan commission committee is currently reviewing the $80 million project proposed by Edward Rose Properties Inc. Plans call for 400 apartments, a four-story parking garage, above-ground-floor retail space, 65 single-family town homes, a senior-living community (with independent living, assisted living and memory care units) and a 100-plus-room boutique hotel.
Known as “The District”, the project will cover an approximately 30-acre parcel southwest of a roundabout at Main and Old Meridian streets.
To the west, the new development will neighbor Rose’s existing residential community, the 325-unit Alexandria Apartments (pictured). It will be also near Keystone Realty Group’s planned Sophia Pointe residential complex, which will offer 200 apartments.
Other residential developments planned for the area include a 280-unit apartment complex on Carmel Drive and the 235-unit Highpointe on Meridian project on the west side of U.S. 31 at Main Street.
“You really can’t go wrong there,” George Tikijian of local apartment brokerage Tikijian Associates, told the newspaper.
Demand for apartments remains strong in Carmel, which has experienced a vacancy rate of around 5 percent in 2013.
Established in 1921, Edward Rose Properties has developed single-family homes until 1965, when it shifted its focus towards multi-family construction. To date, the company has built over 65,000 apartment units in 13 states.
Besides the Alexandria complex in Carmel, Edward Rose operates five other communities in Indiana, including the Bavarian Village, Latitudes, Scarborough Lake and Sundance Apartments, all of which are located in Indianapolis, and the Polo Run Apartments in Greenwood. The company is also building the 180-unit Bella Vista project in Fishers.
Photo credits: Edward Rose PropertiesTags: Alexandria Apartments, Assisted Living, Brokers, Carmel apartment, Carmel mixed-use, Commercial, Consumer, Conventional - Market Rate, Developers, Development, economy, Edward Rose Properties, Finance/Investment, Hospitality, Indianapolis Lead Story, Investors, leasing, Local, Managers, mixed-use, multi-family, National, Owners, Policy, Professional, property management, Regional, Residential, retail, Senior, single-family, The District, Tikijian Associates