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Credit union plans to acquire former Meridian Music property

December 29, 2015

Indiana Members Credit Union has a deal in the works to buy the former Meridian Music Co. building on Old Meridian Street in Carmel, where it plans to open a branch.

Earlier this year, Meridian Music announced it would be moving and downsizing its operations after 10 years of business at the location on the corner of Old Meridian and Providence Boulevard. The music store's showroom relocated to Clay Terrace and was renamed Steinway Piano Gallery. The educational side of the company, now called Meridian Music School, moved to 845 Tech Center.

Meridian Music President Craig Gigax said IMCU is under a contract to purchase the property, but he declined to disclose the sale price.

IMCU said it didn't want to comment on the project before plans were approved by the city and the property sale was closed.

The Carmel Plan Commission is scheduled to review the project Jan. 5.

The two-story freestanding brick building at 12725 Old Meridian St. contains 18,250 square feet of office and retail space. It was built in 2004 and was listed with an asking price of $2.8 million.

According to documents filed with the city, IMCU will add awnings and new signage to the building, construct a drive-through window and install drive-up ATMs. The additions will remove eight parking spaces, leaving 46 spots available.

IMCU is the Indianapolis-area's largest credit union, with $1.4 billion in local assets. The credit union has more than 20 branches, including another branch in Carmel on 96th Street near Gray Road. It also has branches in Westfield, Whitestown and Noblesville.

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