Construction season finally looms for high-end Carmel apartments

April 11, 2014
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Local developer Pittman Partners and multifamily specialist Barrett & Stokely Inc. are moving forward with plans for a $35 million apartment community near the Monon Greenway in Carmel.

Work could begin this spring at The Seasons of Carmel, a 14-building, 256-unit complex slated for 21 acres at Westfield Boulevard and 98th Street. The project was proposed in late 2012 but construction was slow to get started as the partners lined up financing and fine-tuned their designs.

Plans call for a mixture of one-, two- and three-bedroom apartments, each with its own garage. Amenities include multi-use trails connecting to the Monon, a fitness center and pool, a cyber cafe and community meeting space.

Pittman Partners principal Steve Pittman said the upscale units likely will lease for an average of $1.15 per square foot, placing it among the most expensive rentals in the northern suburbs.

Average rents in Carmel, Westfield and Zionsville range from 74 cents a square foot to $1.23 a square foot, according to multifamily broker Tikijian Associates. Prices have been rising along with occupancy rates, which approached 95 percent last year.

The Seasons likely will take a year or longer to build, Pittman said.

It is one of several apartment projects planned for Carmel. Among the higher-profile proposals in the works: Edward Rose Properties’ $80 million The District, a mixed-use project that includes 400 apartments; Keystone Realty Group’s five-story, 200-unit Sophia Pointe; and Atapco Properties’ 280-apartment Carmel Lakeside, being built in collaboration with J.C. Hart Co.



 

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  • more traffic
    Just what we need here in Carmel- more developments to bring more people and more traffic.
  • Of Course CK
    Naturally, CK immediately focuses on the negative aspects of what this project will provide. What he/she probably hasn't done is research the information regarding the city/state plans for improving all of the various roadways to alleviate traffic issues. In fact, the plans show a significantly improved flow of traffic. This is a welcomed development as it will only increase the land value of the surrounding areas. The existing corn field does nothing...
    • Improved traffic?
      Pretty tough to improve traffic flow, if there is road construction 100% of the time. BTW, where are all the kids from these apartments going to school? Better start building a couple more high schools right away. And, believe me, Apartment projects do NOT increase home values in the same area. The only entities they positively benefit, are the developers and the City coffers. OH....don't forget the Mayor's and city council members' election campaigns, via PAC's.
    • Location?
      I don't live far from 98th and Westfield and I was curious if that was the right address as the only land there currently available is the old Sunrise Golf Course and across from that is land that I believe is already been sold and homes are being built on.
      • East side of Westfield
        It's across from the old Sunrise Golf Club, just south of the pocket neighborhood of single-family homes under construction.

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      1. Aaron is my fav!

      2. Let's see... $25M construction cost, they get $7.5M back from federal taxpayers, they're exempt from business property tax and use tax so that's about $2.5M PER YEAR they don't have to pay, permitting fees are cut in half for such projects, IPL will give them $4K under an incentive program, and under IPL's VFIT they'll be selling the power to IPL at 20 cents / kwh, nearly triple what a gas plant gets, about $6M / year for the 150-acre combined farms, and all of which is passed on to IPL customers. No jobs will be created either other than an handful of installers for a few weeks. Now here's the fun part...the panels (from CHINA) only cost about $5M on Alibaba, so where's the rest of the $25M going? Are they marking up the price to drive up the federal rebate? Indy Airport Solar Partners II LLC is owned by local firms Johnson-Melloh Solutions and Telemon Corp. They'll gross $6M / year in triple-rate power revenue, get another $12M next year from taxpayers for this new farm, on top of the $12M they got from taxpayers this year for the first farm, and have only laid out about $10-12M in materials plus installation labor for both farms combined, and $500K / year in annual land lease for both farms (est.). Over 15 years, that's over $70M net profit on a $12M investment, all from our wallets. What a boondoggle. It's time to wise up and give Thorium Energy your serious consideration. See http://energyfromthorium.com to learn more.

      3. Markus, I don't think a $2 Billion dollar surplus qualifies as saying we are out of money. Privatization does work. The government should only do what private industry can't or won't. What is proven is that any time the government tries to do something it costs more, comes in late and usually is lower quality.

      4. Some of the licenses that were added during Daniels' administration, such as requiring waiter/waitresses to be licensed to serve alcohol, are simply a way to generate revenue. At $35/server every 3 years, the state is generating millions of dollars on the backs of people who really need/want to work.

      5. I always giggle when I read comments from people complaining that a market is "too saturated" with one thing or another. What does that even mean? If someone is able to open and sustain a new business, whether you think there is room enough for them or not, more power to them. Personally, I love visiting as many of the new local breweries as possible. You do realize that most of these establishments include a dining component and therefore are pretty similar to restaurants, right? When was the last time I heard someone say "You know, I think we have too many locally owned restaurants"? Um, never...

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