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. The east side does have potential...and I have always thought Washington Scare should become an outlet mall. Anyone remember how popular Eastgate was? Well, Indy has no outlet malls, we have to go to Edinburgh for the deep discounts and I don't understand why. Jim is right. We need a few good eastsiders interested in actually making some noise and trying to change the commerce, culture and stereotypes of the East side. Irvington is very progressive and making great strides, why can't the far east side ride on their coat tails to make some changes?

  2. Boston.com has an article from 2010 where they talk about how Interactions moved to Massachusetts in the year prior. http://www.boston.com/business/technology/innoeco/2010/07/interactions_banks_63_million.html The article includes a link back to that Inside Indiana Business press release I linked to earlier, snarkily noting, "Guess this 2006 plan to create 200-plus new jobs in Indiana didn't exactly work out."

  3. I live on the east side and I have read all your comments. a local paper just did an article on Washington square mall with just as many comments and concerns. I am not sure if they are still around, but there was an east side coalition with good intentions to do good things on the east side. And there is a facebook post that called my eastside indy with many old members of the eastside who voice concerns about the east side of the city. We need to come together and not just complain and moan, but come up with actual concrete solutions, because what Dal said is very very true- the eastside could be a goldmine in the right hands. But if anyone is going damn, and change things, it is us eastside residents

  4. Please go back re-read your economics text book and the fine print on the February 2014 CBO report. A minimum wage increase has never resulted in a net job loss...

  5. The GOP at the Statehouse is more interested in PR to keep their majority, than using it to get anything good actually done. The State continues its downward spiral.

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