Developer is considering apartment, condominium project in Carmel


Indianapolis-based Carmel-based Tegethoff Development’s first project is a planned $ 65 million apartment, condominium and retail building. (Courtesy of Tegethoff Development)

The planned debut of Indianapolis-based Carmel-based Tegethoff Development is a $ 65 million mixed-use apartment, condominium and retail project called The Signature at Carmel.

Tegethoff Development will appear before the Carmel Hearing Officer later this month to review his plans for a four- to five-story mixed-use building to be built on the northeast corner of Old Meridian and Main streets. The Signature at Carmel is currently designed to feature 287 luxury apartments, eight condominiums and 16,100 square feet of retail space on the ground floor. The development also includes a 389-space indoor parking garage and over 20,000 square feet of space dedicated to residents’ amenities.

Planned project amenities include golf simulators, a resort-style infinity pool, pickleball and shuffleboard courts, outdoor fire pits, a 3,500 square foot indoor / outdoor fitness center, gym hot yoga, private event space, community lounge, dog park and more.

“We believe we’re building a project that puts more emphasis on equipment than any project ever done in Indianapolis,” said Matt Cremer, general manager of Tegethoff.

Cremer said Tegethoff hopes the amenities are attractive to apartment dwellers who have been stuck in their homes for almost a year due to the coronavirus, a more fun and functional place to live.

“We put it in place from an amenity perspective so that we can attract a wide range,” Cremer said. “I think it will be a mix of ages and demographics; from young professionals to the group of “empty nesters” who are looking for a product to rent or sell turnkey and easy to live with. “

Cremer said the nearly 445,000 square foot project will include a mix of studios, one and two bedroom apartments with estimated rents between $ 1,100 and $ 2,000 per month. The two-bedroom, 2.5-bathroom condominiums are expected to sell for around $ 500,000.

The approximately 4-acre site is home to buildings that once housed the Northside Animal Hospital and Stout’s Footwear. They will have to be demolished before construction can begin.

Cremer said IBJ residents could start moving in as early as the end of 2022.

While no specific retailer has signed up for the commercial space on the project, Tegethoff hopes to bring several new businesses to the property that complement its residential aspects.

“We are looking for retailers who will activate the property, whether it is from a neighborhood services, food, beverage or entertainment perspective,” he said.

The project passes the city hearing officer on April 22 for site plan and design approval. The property is already properly zoned for the type of development Tegethoff has proposed.

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