A five-story building proposed on the northeast corner of Old Meridian and Main streets aims to bring 295 luxury apartments, eight condos, first-floor retailers and the widest offering of amenities to multi-family residents in the Indianapolis area.
Matt Cremer, managing principal of Indianapolis-based Tegethoff Development, said plans for The Signature have always included a rich offering of amenities but that the COVID-19 pandemic made them even more important.
“We think Carmel is the perfect market for it,” said Cremer, an Indianapolis resident. “The pandemic really heightened some of the demands of tenants, because they were in these properties all day long. If you didn’t have internet connectivity and all the things people want out of these apartment communities, you’ll end up losing tenants.”
Planned amenities for the $65 million project include 3,500 square feet of fitness space, reservable office space throughout the building, a private event center, golf simulators and a pickleball court on top of a 389-space parking garage. Four outdoor courtyard areas will include activity space with shuffleboard and fire pits, a private dog park, a resort-style pool with cabanas and private grilling stations and a community garden that will be accessible by the public.
The Signature will offer studio, 1- and 2-bedroom apartments, with expected monthly rents ranging from $1,100 to $1,900. The condos will have two bedrooms. Dwellings on the first floor will be walkup units, which Cremer said is unique for this type of project.
The first floor along Old Meridian Street will feature retail space. Cremer said no tenants have been signed yet, but he expects a mix of restaurants, entertainment offerings and services.
The 4-acre site is currently home to Stout’s Footwear and a now-vacant veterinarian office, which will be demolished. Cremer said Stout’s Footwear may reopen in the new building.
Pending final approval by the City of Carmel, construction is expected to begin this summer with the first residents moving in by the end of 2022.