Rose's plan for $80M Carmel project moves forward

February 21, 2014
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Edward Rose Properties’ proposal to develop an $80 million project advanced this week when the Carmel Plan Commission signed off on a rezoning request for the 30-acre property.

As IBJ reported in January, the Michigan-based apartment specialist is seeking approval for “The District,” a mixed-use development southwest of the roundabout at Old Meridian and Main Streets.

rop-carmel-rendering-15col.jpgEdward Rose's proposed mixed-use project would include two retail "nodes" along Old Meridian Street. (Rendering courtesy of Edward Rose and Sons.)

Preliminary plans calls for 400 apartments—including some wrapped around a four-story parking garage and some above-ground-floor retail space—along with 65 single-family town homes, a senior-living facility and a boutique hotel.

Two stand-alone retail buildings of no more than 20,000 square feet would join the hotel on Main Street, and two 10,000-square-foot retail “nodes” are planned for the project’s Old Meridian frontage.

The Edward Rose property wraps around a 5.3-acre parcel at the intersection, where Indianapolis-based Keystone Realty Group is proposing to build Sophia Pointe, a high-end apartment and retail project. (The Plan Commission’s special studies committee will review that proposal next month.) Its neighbor to the west would be Rose’s existing Alexandria Apartments, which has about 325 units.

This week, Plan Commission members voted 8-1 to forward Edward Rose’s plans to the City Council with a positive recommendation. The council has the final say on so-called planned unit development requests, which establish project-specific rules and development standards.

Rose’s team has been working with city staff to address concerns about proposed architectural standards, the street layout and connections to the Keystone property. Ultimately, the Department of Community Services recommended the commission approve the rezoning request.

Planning administrator Rachel Kesling said although the proposed design is more modern than the surrounding area, “it will be interesting to see how it blends with the more traditional architecture on Old Meridian and in the existing Alexandria Apartments.”

The special studies committee was particularly interested in the likelihood of the hotel coming to fruition, member Alan Potasnik said. The developer said it is working with a national hotel company on the project.

City Council could consider the project at its March 3 meeting.

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  1. How much you wanna bet, that 70% of the jobs created there (after construction) are minimum wage? And Harvey is correct, the vast majority of residents in this project will drive to their jobs, and to think otherwise, is like Harvey says, a pipe dream. Someone working at a restaurant or retail store will not be able to afford living there. What ever happened to people who wanted to build buildings, paying for it themselves? Not a fan of these tax deals.

  2. Uh, no GeorgeP. The project is supposed to bring on 1,000 jobs and those people along with the people that will be living in the new residential will be driving to their jobs. The walkable stuff is a pipe dream. Besides, walkable is defined as having all daily necessities within 1/2 mile. That's not the case here. Never will be.

  3. Brad is on to something there. The merger of the Formula E and IndyCar Series would give IndyCar access to International markets and Formula E access the Indianapolis 500, not to mention some other events in the USA. Maybe after 2016 but before the new Dallara is rolled out for 2018. This give IndyCar two more seasons to run the DW12 and Formula E to get charged up, pun intended. Then shock the racing world, pun intended, but making the 101st Indianapolis 500 a stellar, groundbreaking event: The first all-electric Indy 500, and use that platform to promote the future of the sport.

  4. No, HarveyF, the exact opposite. Greater density and closeness to retail and everyday necessities reduces traffic. When one has to drive miles for necessities, all those cars are on the roads for many miles. When reasonable density is built, low rise in this case, in the middle of a thriving retail area, one has to drive far less, actually reducing the number of cars on the road.

  5. The Indy Star announced today the appointment of a new Beverage Reporter! So instead of insightful reports on Indy pro sports and Indiana college teams, you now get to read stories about the 432nd new brewery open or some obscure Hoosier winery winning a county fair blue ribbon. Yep, that's the coverage we Star readers crave. Not.

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