CARMEL, Ind. (WISH) — The city government joined developers on Monday to break ground on a project called The Signature.
The mixed-use development will be at West Main and Old Meridian streets.
The city government says the project will include nearly 300 apartment units and eight condos. Plans list a swimming pool, a golf simulator, a fitness center and a private event space.
Mayor Jim Brainard says the development is investing in the city’s future. “Everything that we do here is meant to make Carmel, Indiana, competitive and the best place to live and work,” the Republican mayor said Monday.
The investment has a cost of $66 million. Construction could wrap as soon as the end of 2022.
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“Carmel, IN – Tegethoff Development and Great Lakes Capital joined Mayor Jim Brainard and Carmel Redevelopment officials in breaking ground today on a new $66 million multi-family, mixed-use project at the northeast corner of Old Meridian and Main streets.
“The Signature at Carmel will be a residential community offering thoughtfully designed studio-, one- and two-bedroom rental apartment homes and eight two- bedroom, for-sale condominiums. Also, part of The Signature development will include 16,100 square feet of ground floor retail space. The City of Carmel is also a partner in the project by allowing the developers to use Tax Incremental Financing bonds to build a 389-space public parking garage as part of the project.
“‘One of Tegethoff Development’s hallmark values is ‘together we accomplish more,’ and our continued partnership with Great Lakes Capital will position The Signature at Carmel to be the new standard of excellence for residential living in Carmel.’ said Jeff Tegethoff, Founding Principal of Tegethoff Development.
“With more than 20,000 square feet of extravagant amenity space – including a golf simulator, 4,000-plus square foot fitness center, a resort style pool, high-tech offices, pickle ball court and private event room, The Signature will attract a variety of demographics from young professionals to empty nesters looking for a maintenance free luxury rental or for-sale product.
“’We are excited to break ground today on this project that will bring more young professionals to Carmel, the next generation of the best and brightest employees who can fill the hundreds of jobs will be coming as we continue to attract corporate employers,’ said Mayor Brainard. ‘We felt it was important to invest in this project through TIF bonds – with no risk to local taxpayers – so that this project could maximize its space with a parking garage that will also be available to the public.’
“Residents of The Signature will experience the latest in modern technology with keyless entry and easy guest access. The generous floorplans, open-concept designs, and modern interiors are perfect for a variety of lifestyles, offering space and flexibility apartment dwellers have come to love.
“‘The entire team at Tegethoff and Great Lakes Capital have been amazing to work with and I look forward to such a prominent building and free parking further enhancing this area of main street,’ Henry Mestetsky, Director of the Carmel Redevelopment Commission.
“The Signature at Carmel is located at the northeast corner of Main and Old Meridian streets, just north of Cunningham Restaurant Group’s Bru Burger Bar and Rize restaurant, and just across the street from Rosie’s, Bar Louis, Verde and Sugar Creek Winery.
“For more information and to sign up for project updates, please visit TheSignatureAtCarmel.com.
“About Tegethoff Development
“Tegethoff Development has the proven ability to combine artistic vision and the practical problem solving necessary to transform depleted and obsolete properties, creating relevant, best in class assets for residents and investors. To Tegethoff Development, an irreplaceable building is more than just four walls and a roof. An irreplaceable location is more than an address – its an experience.
“Tegethoff Development is organized for one single business platform – developing multi-family real estate – with a focus on new construction and historic renovation anchored assets. Tegethoff Development’s multi-talented team with backgrounds in construction, architecture and design, property management, capital markets, and financial operations provides first-class service and high-level execution to every deal. Since 2015, Tegethoff Development has developed over 2,600 units with properties totaling $700 million in value. Currently, Tegethoff Development has $400 million under construction. Visit TegethoffDevelopment.com to learn more.
“About Great Lakes Capital
“Based in South Bend with additional offices in Ft. Wayne and Indianapolis, Great Lakes Capital is a real estate development and private equity firm, concentrating on several core property types including industrial, office, medical office, rehab hospitals, hotels, multifamily and mixed use. Since opening its doors in 2005, Great Lakes Capital’s experience, long-term perspective, work ethic and integrity have allowed them to grow their portfolio throughout the Midwest and beyond. Great Lakes Capital’s ability to listen to and execute upon the needs of municipalities and the marketplace has enabled them to successfully invest in over $1 billion of real estate projects as well as pursue a development pipeline that exceeds $600 million. Their five principals have nearly 150 years of experience and have closed more than $6 billion of commercial real estate investment across property types, geographies, capital structures, and economic cycles. Visit GreatLakesCapital.com to learn more.”
News release issued Nov. 1, 2021, by Carmel city government