Two developers in Carmel – Old Town Design Group and Barrett & Stokely – were bidding against each other to build homes on land west of the Monon Trail and just south of Bub’s Café.
Now the two companies will join forces on the project.
The CRC intends to sell $1.7 million worth of unused land south of 2nd Avenue SW and east of 3rd Avenue/4th Avenue SW to allow the companies to build a mix of for-sale and rental units that will act as a “transition into the Midtown area.”
“The desire for a mix of uses made the collaboration a great idea,” said Bryan Barrett, of Barrett & Stokely. “The things we are good at are things that they don’t really do and vice versa. And when we got together the ideas came together to make something really exciting.”
Barrett & Stokely’s strengths lie in upscale rental units and property management. Main Street on the Monon and Old Town on the Monon properties are walkable from this new project and the company is currently constructing a high-end apartment complex called The Seasons near the city’s southern border.
Old Town Design Group, led by developer Justin Moffett, started off building custom homes in the city’s downtown, but has expanded into condominium buildings, especially with its $100-million-plus redevelopment of the city’s Midtown area, which includes five separate buildings and a parking garage east of the Monon.
This new untitled concept will actually be two buildings connected by a skybridge. Approximately 200 units will be available with mostly one or two-bedroom apartments from Barrett & Stokely and two to three-bedroom condos from Old Town Design Group. The base of the building will have one major anchor tenant on its corner; Moffett said possibly a high-end restaurant, but retail won’t wrap around the raised structure.
Residents will be able to drive up a parking garage in the center of the building and take advantage of direct access to their units, in some cases through garages. Only one floor will have to take an elevator to access their vehicles. A rooftop pool with a fitness center overlooking the Monon is in the plans.
Moffett said the look will be complimentary to the industrial warehouse feel of the nearby Midtown project and he expects millennials will want to rent units in this space and it’ll be, “a cool address to have in Carmel.”
Just north of this project are single-family ranch-style homes and some of the neighbors in those areas have expressed concerns about being threatened by large-scale development so close to their homes. Moffett understands that it would be difficult to see large five-story buildings – similar to his Midtown plan to the east – right next to single-story houses so this development will be three stories on the north side and raise up to five stories on the south end.
“We are trying to respect the transition to the single family houses nearby,” he said.
Corrie Meyer, director of the Carmel Redevelopment Commission which would be selling the property, said she thinks this would be a great way to compliment the city’s vision for Midtown.
“It’s a great example of partners coming together and making great work happen,” she said. “It’s a great transition into the Midtown area.”
Land where the water tower sits is currently not part of this sale.
Moffett said he’s been interested in this land for some time now, even before his began acquiring property to start his Midtown plan. In fact, he said developing this land wouldn’t have been likely without trying to deal with some of the industrial buildings and warehouses that would have been located directly across the Monon.
“I drew a concept similar to this about three years ago,” he said.
From Barrett & Stokely perspective, there was an interest in expanding the company’s presence in Carmel’s downtown. Since they have several properties nearby, it made sense to keep new developments close in order to centralize their property management capabilities.
While Old Town Design Group has other projects planned– Sunrise on the Monon, Green House Cottages senior living and the Midtown plan – Moffett said it’s not daunting to add another development, especially when there’s a partner to help.
“This is going to be something better than either of us could have done on our own,” he said. “Now the city doesn’t have to pick between two really good companies.”
