Construction season finally looms for high-end Carmel apartments

April 11, 2014
Back to TopCommentsE-mailPrintBookmark and Share

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.



 

ADVERTISEMENT
  • 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.

      Post a comment to this blog

      COMMENTS POLICY
      We reserve the right to remove any post that we feel is obscene, profane, vulgar, racist, sexually explicit, abusive, or hateful.
       
      You are legally responsible for what you post and your anonymity is not guaranteed.
       
      Posts that insult, defame, threaten, harass or abuse other readers or people mentioned in IBJ editorial content are also subject to removal. Please respect the privacy of individuals and refrain from posting personal information.
       
      No solicitations, spamming or advertisements are allowed. Readers may post links to other informational websites that are relevant to the topic at hand, but please do not link to objectionable material.
       
      We may remove messages that are unrelated to the topic, encourage illegal activity, use all capital letters or are unreadable.
       

      Messages that are flagged by readers as objectionable will be reviewed and may or may not be removed. Please do not flag a post simply because you disagree with it.

      Sponsored by
      ADVERTISEMENT
      1. They can always get jobs at the Post office.

      2. Hello i am Clarisa Steve from Florida USA,when i was in need of a loan of $230,000 to transit a business my friend introduced Mark Oscar loan firm to me because she got a loan from them sometime ago, so I was so scared because of the scams in the internet but my friend encouraged me to give them a try and i gave them a try and i got my loan within 4hrs and their ways was very easy no credit check,no cosigner,no collateral and their interest rate is just 2%, so i will advice anyone out there that need a loan to contact them via their Email:(oscarloanfinance@hotmail.com).

      3. "This was a very localized, Indiana issue," he said. As in, Indiana failed to expand Medicaid to cover its poor citizens resulting in the loss of essential medical services, including this EMS company. Well done, Indiana GOP. Here are the real death panels: GOP state governments who refuse to expand Medicaid for political reasons.

      4. In the "one for all, all for none" socialist doctrine the sick die...this plus obama"care" equates to caucasian genocide plus pushed flight to cities thus further eroding the conservative base and the continualed spiral toward complete liberal/progressive/marxist America.

      5. There is a simple reason why WISH is not reporting on this story. LIN has others stations in different markets that are affiliated with CBS. Reporting about CBS blindsiding WISH/LIN due to CBS's greed and bullying tatics would risk any future negoations LIN will have with CBS in other markets.

      ADVERTISEMENT