Merchants Bank of Indiana plans to move its corporate headquarters into a new $25 million multiuse development in Carmel’s Midtown development, the company announced Friday.
The 100,000-square-foot building on the corner of Fourth Street and Monon Avenue, to be called Merchants Plaza, will house the Carmel-based bank's executive offices and mortgage operations on the upper floors and a retail bank branch on the main level.
Also planned for the main level is a 15,000-square-foot retail operation called City Market that will be home to about 20 vendors selling produce, fresh fish, meat, wine and baked goods. An Indiana-based wine-tasting room and brewery also are slated for the space.
Carmel-based Old Town Development LLC will develop the project. Construction will begin in the fall and be completed by spring 2017, the company said.
An estimated 100 construction jobs are expected to created by the project.
Merchants Bank's coporate offices are now housed in leased space in two other buildings in Carmel. The company expects to close those operations and move 70 or more employees to the new location, it said.
Overall, the bank has more than 100 employees at existing locations throughout the state.
“Merchants Bank of Indiana’s competitive posture, operations, and foundation for profitable growth are all stronger today than ever before,” Merchants Bank Chairman Michael Petrie said in a written statement. “We are pleased to identify Midtown as the site for our new corporate headquarters. This new location will provide a great working environment for our team and provide for future expansion in a community positioned as a premier place for people to live and work.”
Carmel-based Merchants Bancorp, parent of Merchants Bank of Indiana, has seen substantial growth in recent years, tripling assets to $1.8 billion since 2011, IBJ reported in January.
Midtown stretches more than 11 acres in the area between Carmel City Center and the Arts & Design District, east of the Monon Greenway. The entire project is estimated to cost $150 million and could include more than 200,000 square feet of office space, 270 condominiums and as much as 85,000 square feet of commercial and retail space.
In March, Justin Moffet of Old Town Development announced plans for $16 million, four-story building that will house a co-working space, and coffee and wine bar in Midtown. The 20,000-square-foot co-working space will be known as the Edison Business Lounge, and the 1,800-square-foot Vintage Coffee/Wine Bar will be on the main level of the building, serving breakfast, lunch and afternoon cocktails.