The $130-million transformation of the Midtown is moving forward; most recently, a corporate headquarters for a bank and a city market concept.
Merchants Bank of Indiana joined Old Town Development to announce its new headquarters, which will be housed in a building called “Merchants Plaza,” home to executive offices, mortgage banking operations and a new retail branch. The 100,000-square-foot building represents a $25 million project, on the corner of 4th Street and Monon Avenue.
This building is just south of the first building likely to begin, which is the northern most development. As was previously announced, that building will feature a co-working space and a wine bar/café. A parking garage is planned to the east and to the west there’s a joint venture between Old Town Development and Barrett & Stokley to construct both rental and for-sale residential units.
The new headquarters is expected to bring 70 bank employees to the area. Construction is scheduled to begin in the fall, with a planned opening in spring 2017.
“We’re the fasting growing bank in the state of Indiana and we think it’s fitting that we be headquartered in Carmel,” said Michael Petrie, Chairman of Merchants Banks of Indiana, who helped found the company around 25 years ago.
Another addition is on the first floor of the Merchants Plaza building, where there will be a city market with vendors for fresh produce, seafood and meat, an Indiana brewery, an Indiana-based wine producer tasting room and a bakery. A nonprofit organization will likely be set up to manage the 15,000-square-foot space.