The first piece of the Midtown project in Carmel is falling into place.
Justin Moffett of Carmel-based Old Town Development LLC on Monday announced the $16 million, four-story building that will house a co-working space, and coffee and wine bar.
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.
The 20,000-square-foot co-working space, to be called the Edison Business Lounge, will include up to 50 private offices and 50 desk spaces in a building on the east side of the public plaza in Midtown. The office will be designed for entrepreneurs and small companies looking for workspace and a place to network.
Similar to Launch Fishers, Edison Business Lounge will charge membership fees for office and desk spaces, meeting rooms, office equipment and Internet service.
The Vintage Coffee/Wine Bar will be on the main level of the building, occupying 1,800 square feet. It will serve breakfast, lunch and afternoon cocktails.
The public will be able to rent the conference rooms and visit the cafe.
William Waldren, who founded a similar concept in Milwaukee in 2008, and Randy Jaunzemis, Carmel resident and longtime logistics executive, will oversee the Edison project.
Moffett also recently mentioned the likelihood of a corporate headquarters occupying 60,000 to 80,000 square feet in Midtown. He told the Carmel Redevelopment Commission he expects the deal to be confirmed in the near-future.
The CRC also recently approved a $1.72 million purchase price for just slightly less than an acre of land along Third and Fourth Avenue SW intended to be used as the gateway to Midtown.
Old Town Development and Indianapolis-based apartment management firm Barrett & Stokely Inc. have partnered on the project, which will include 250 for-sale and rental residential units.
“We’re very excited to be collaborators with Barrett & Stokely,” Moffett said at the CRC meeting last week. “We realized we didn’t have to be in competition with them.”