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Two developers have unveiled plans for an $88 million apartment project aimed at people aged 55 and over along Old Meridian Street in Carmel on a site that was previously designated for another multifamily housing development.
Fishers-based Rebar Development and Indianapolis-based Develop Signature LLC are working to develop Signature55 Carmel, a five-story residential building that would contain 210 age-restricted apartments, 12,000 square feet of amenity space, a 356-space parking garage and a 1.54-acre park and trail dedicated to veterans of the United States military.
Rebar CEO Tom Dickey told members of the Carmel City Council on Monday night that if Signature55 Carmel receives approval, he hopes to begin construction next March. Under the current schedule, people would begin moving into the development in February 2028. Carmel-based Studio M Architecture & Planning is the architecture firm working on the project.
“We really want those couples who live in Carmel today,” Dickey told council members. “They want to lock and leave Indiana and go somewhere in the winter. They want to come back to a luxury lifestyle, but just be able to lock and leave.”
Signature55 Carmel is planned on more than four acres between Bru Burger Bar and Home2 Suites by Hilton in the 12800 block of Old Meridian Street. The proposed project site is also north of Carmel VFW Post 10003 and west of Carmel Middle School.
Carmel Redevelopment Commission Director Henry Mestetsky told IBJ that Signature55 Carmel fits with the city’s goal to encourage more housing that is suited for older residents who want to move out of their larger houses and remain in Carmel.
“This is a project that I think checks all the boxes,” Mestetsky said. “It’s a public-private partnership for a project that’s age-restricted, so it benefits the active adults in our community that want to move into a place like this and free up some houses on the east and west sides for new families that want to move into Carmel.”
Last year, a nine-member task force conducted a study that examined Carmel’s housing challenges. Adding more housing options for seniors was one topic that was discussed at length.
“I frequently hear from active older residents who want to downsize their living space yet are eager to remain in Carmel,” Mayor Sue Finkam said in written remarks.
Last year, Carrollton, Texas-based Cross Development LLC walked away from a proposed mixed-use real estate project at the site called Old Meridian Apartments. Plans for that project called for 266 luxury apartments, 10 for-sale condo units, 8,000 square feet of office and commercial space, and a 378-space public parking garage. The developers of Signature55 Carmel are purchasing the site from Cross Development.
On Monday night, council members heard an ordinance introduction for an $11 million developer-backed tax-increment financing bond that would help fund the parking garage at Signature55 Carmel. The developers would receive 100% of the revenue produced by the bond.
Councilors also heard an introduction of a resolution that would allow the city to acquire property for the veterans park from the Carmel Redevelopment Commission for $1,017,700 per acre, or about $1.56 million in total.
The ordinance and the resolution will both be reviewed by the Carmel City Council’s Land Use and Special Studies Committee.
Elsewhere in Hamilton County, Rebar and Develop Signature are teaming to develop the $90 million CityView, which will be rebranded as Signature55 Fishers, at the intersection of East 116th Street and Lantern Road in downtown Fishers. Groundbreaking on the six-story Fishers project took place in January.
Some of the Rebar’s most recent projects include the $32 million District South in downtown Fishers, the $50 million McCord Square in McCordsville, and the $27 million Ambrose on Main that is planned for downtown Westfield.
In recent years, Rebar has also developed the $50 million Founders Square and $6.5 million 1300 Block developments in Speedway, the $24 million Levinson in Noblesville and the $20 million Barlow in Plainfield.
Rebar is the 27th-largest commercial development firm in the Indianapolis area, based on having more than 799,000 square feet of real estate under construction in the area in 2024, according to IBJ research. Earlier this month, the company announced that company partner Dickey was appointed CEO, while founding partner and former CEO Shelby Bowen is transitioning into a strategic advisory role for the company.
Develop Signature co-founders Matt Cremer and Adam Yohler previously worked to develop The Signature at the northeast corner of Old Meridian and Main streets in Carmel when they were with Indianapolis-based Tegethoff Development. With Tegethoff, Cremer was chief operating officer and Yohler was chief financial officer.
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Interesting how the city of Carmel can put rental restrictions on private home owners but approve and build apartment buildings all over the city.
Apples vs Oranges Bob.
More flippin’ apartments…not houses. Not what older Carmel residents were asking for from the “housing study”.
This site has extensive ground water issues and wetlands, guessing that was part of why the previous developer bailed. Will be interesting to watch all the typical issues that plague “outsiders” get glossed over by this clown show.
Yikes. There is a reason another very similar active adult project about 7 minutes north of here is barely leasing.