Carmel to see flurry of completed real estate projects in 2024

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First on Main from the corner of Range Line Road and Main Street. (Rendering courtesy Architects Forum)

Several major real estate developments in Carmel are expected to be completed in 2024, adding to the city’s lineup of projects combining residential, business and retail spaces.

The new construction continues Carmel’s rapid redevelopment over the past two decades.

Here’s a look at what’s coming to the Hamilton County suburb.

First on Main from the corner of Range Line Road and Main Street. (Rendering courtesy Architects Forum)

1st on Main

Expected completion: January or February

Location: northeast corner of Range Line Road and Main Street

Details: The 1st on Main mixed-use redevelopment project includes a 73,000-square-foot office building with first-floor restaurant space and a private rooftop terrace, eight luxury condominiums ranging from 3,000 to 3,340 square feet, 35 upscale apartment units, a 310-space parking garage with public access, and a community plaza.

The 1.7-acre project, which was announced in late 2021, is being developed by Carmel-based Lauth Group at a projected cost of $47 million.

Restaurateur Chris Evans, who owns and operates Sangiovese restaurants at the Ironworks at Keystone complex on the north side of Indianapolis and in the Yard at Fishers District, plans to open a 5,300-square-foot restaurant called Tre (three in Italian) at 1st on Main.

Indianapolis-based Tegethoff Development’s first project in Carmel is a planned $65 million apartment, condominium and retail building. (Rendering courtesy Tegethoff Development)

The Signature

Expected completion: February

Location: northeast corner of Old Meridian Street and Main Street

Details: Indianapolis-based Tegethoff Development’s planned debut in Carmel is a $78 million apartment, condominium and retail mixed-use project called The Signature.

The Signature will feature 295 luxury apartments, eight condominiums and 15,000 square feet of ground-floor retail space. The development also includes an interior 374-space parking garage and more than 20,000 square feet of space dedicated to resident amenities.

The project’s amenities will include golf simulators, a resort style infinity pool, pickleball and shuffleboard courts, outdoor fire pits, a 3,500-square-foot indoor/outdoor fitness facility, a hot yoga room, private event space, a community lounge, a dog park and more.

The Muse is a $69 million project with about 285 luxury apartments, 25,000 square feet of office and retail space, and a 364-space public parking garage at the southwest corner of East 116th Street and South Rangeline Road. (Rendering courtesy city of Carmel)

The Muse

Expected completion: April

Location: southwest corner of East 116th Street and South Rangeline Road

Details: The Muse (originally called The Corner) is a $69 million project consisting of 285 luxury apartments, 25,000 square feet of office and retail space, and a 364-space public parking garage.

Indianapolis-based Kite Realty Group originally announced plans in 2012 to redevelop two former shopping centers it owned at 116th Street and Rangeline Road.

The Windsor building is expected to be a four-story, 62,000-square-foot building with more than 16,000 square feet of ground-floor commercial space and 36 residential units. (Rendering courtesy city of Carmel)

The Windsor

Expected completion: June

Location: 750 S. Veterans Way

Details: The Windsor and The Wren (below) are the two final buildings under construction at Carmel City Center, Carmel-based Pedcor Management Corp.’s signature project.

The Windsor will be a four-story, 62,000-square-foo buldingt, with more than 16,500 square feet of ground-floor commercial space and 45,000 square feet of retail space (36 apartment units).

The mixed-use Wren building is expected to offer about 58,000 square feet of commercial space, including offices on the street level and restaurants and retail on the lower plaza level. (Rendering courtesy city of Carmel)

The Wren

Expected completion: June

Location: south of City Center Drive on the east side of the Monon Greenway

Details: The Wren, just east of Hotel Carmichael, will be a six-story, 160,000-square-foot building with 102,000 square feet of residential space (78 apartment units) and 58,000 square feet of commercial space.

The ground level of The Wren will have offices on the street level, and restaurants and retail on the lower plaza level.

Developers are planning a $29 million second phase of the Proscenium in Carmel. (Rendering provided by Woolpert Inc.)

Proscenium II

Expected completion: August

Location: 1215 S. Rangeline Road

Details: Carmel-based Birkla Investment Group and Dayton, Ohio-based Woolpert Inc. are teaming to build the second phase of the Proscenium complex–a $29 million, five-story building with 48 rental units and seven penthouse condominiums, 16,000 square feet of ground-floor space for restaurant and office uses, and a 120-vehicle multilevel parking garage.

The $85 million first phase of Proscenium was completed in 2021 on the northwest corner of South Rangeline Road and West Carmel Drive.

Proscenium II is being built on the site of a former Walgreens store that Birkla used as offices for the Proscenium project.

A 43,000-square-foot building would include a 1933 Lounge at South Rangeline Road and 1st Avenue Southeast in Carmel. (Rendering provided by Carmel Redevelopment Commission)

111 S. Rangeline

Expected completion: September

Location: 111 S. Rangeline Road

Details: The project on the southeast side of the intersection of South Rangeline Road and 1st Avenue SE will include a 43,000-square-foot, three-story mixed-use building that will feature 1933 Lounge—a restaurant concept by Indianapolis-based Huse Culinary—on the first floor. The top two floors of the building will house office and mixed-use space.

The development by Indianapolis-based developer LOR Corp. will also include 12 three-story, for-sale town homes with rooftop patios on the eastern portion of the site.

A construction issue in November led to the demolition of two elevator towers, but Carmel Redevelopment Commission Director Henry Mestetsky told the Carmel City Council this month that construction should still be complete by the fall.

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3 thoughts on “Carmel to see flurry of completed real estate projects in 2024

  1. A bunch of luxury apartments not affordable to most ordinary working people and certainly not for low income families. We wouldn’t want any of that in Car-Mel now would we?

    1. You don’t build used cars, and you don’t build cheap apartments. But when you build MORE, prices overall come down. That is the most basic supply and demand at work.

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