The lot contains little more than dirt at this point, but leasing will begin in April for high-end apartments under construction near U.S. 31 and Carmel Drive.
Work began in early November 2011 on Penn Circle, a $20 million Milhaus Development project near the roundabout at Old Meridian Street and Pennsylvania Street. The development will include 193 apartments with high-end features and amenities, and the company said last week the work is right on schedule.
“Steel is in place for the area around the leasing and amenity/hospitality area for the first floor of the first building (four stories),” David Leazenby, vice president of predevelopment, said last week in an e-mail. “Wood framing will begin soon for the upper levels. This first building will be complete in July. The second building was granted a building permit this week, so it will begin shortly.”
The entire project will include five buildings on the 6-acre site, and is expected to take a total of 15 months to complete. A .76-acre parcel is set aside for future retail use, though Leazenby said the company will wait to determine how many and what types of businesses will occupy that space. Banks and restaurants have already expressed interest in the location, he said. Depending on the types of businesses in this building, additional residential units could be added above them, Leazenby said.
As for the apartments, Penn Circle’s studio, one- and two-bedroom apartments will include open floor plans and high-end finishes, such as stainless steel appliances and granite countertops. Common areas will include a pool, outdoor kitchen and outdoor living room.
Based on the market in Carmel, Leazenby said the company anticipates young and middle-aged professionals will account for the majority of Penn Circle’s residents.
Pre-leasing will begin in April when the company launches www.penncircleapts.com. In the meantime, more information can be found at www.facebook.com/pages/Penn-Circle-Apartments-of-Carmel and www.twitter.com/penncircle.
By Kevin Kane
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Kevin is the managing editor of Current in Carmel.
