Keystone Realty Plans to Develop 5.3-Acre Residential/Retail Project in Carmel’s Old Meridian District
- Feb 11, 2014
by Adriana Pop, Associate Editor
Keystone Realty Group of Indianapolis is proposing the construction of a new five-story mixed-use building in Carmel. According to the Indianapolis Business Journal, plans call for 200 luxury apartments and ground-floor retail on a 5.3-acre site located southwest of the roundabout at Old Meridian and Main streets.
Upon completion, the new development known as Sophia Pointe will offer a mix of one- and two-bedroom units, 14,000 square feet of retail space and structured parking.
The Carmel Clay Plan Commission is currently reviewing the developer’s request to allow for the construction of the approximately 89-foot building, which would exceed the city’s current development standards by about 35 feet. The project will then go before the Carmel Board of Zoning Appeals.
Keystone expects to break ground on the Sophia Pointe complex this summer and have the residences ready for occupancy by 2015.
The company has also developed the $60 million Sophia Square residential and retail complex (pictured) located about a mile from the site of the new project. The property opened in May 2011 and features about 200 upscale apartments, 94 percent of which are occupied, ground-floor retail and a two-level underground parking garage.
Other mixed-use developments in the city’s Old Meridian district include Buckingham Cos.’ Providence at Old Meridian, a 23-acre master-planned community consisting of apartment homes, townhomes, recreational amenities, parks, and street-front retail. Furthermore, Edward Rose Properties is planning the construction of “The District,” an $80 million mixed-use complex that would bring 400 apartments, a four-story parking garage, retail space, 65 single-family town homes, a senior-living community and a 100-plus-room boutique hotel.
Photo credits: 110sophiasquare.com