Carmel innovates in mixed-use development The Signature – WISH-TV | Indianapolis News | Indiana weather
CARMEL, Ind. (WISH) – The city government joined the developers on Monday to launch the project called The Signature.
The mixed-use development will be located on West Main and Old Meridian streets.
The city government says the project will include nearly 300 apartments and eight condos. Plans call for a swimming pool, golf simulator, fitness center, and private event space.
Mayor Jim Brainard says the development invests in the city’s future. “Everything we do here is aimed at making Carmel, Indiana a competitive place and the best place to live and work,” the Republican mayor said Monday.
The investment has a cost of $ 66 million. Construction could be completed by the end of 2022.
Carmel, IN – Tegethoff Development and Great Lakes Capital joined Mayor Jim Brainard and Carmel redevelopment officials to inaugurate a new $ 66 million multi-family mixed-use project at the northeast corner of Old Streets today. Meridian and Main.
“The Signature at Carmel will be a residential community offering carefully designed studios, one and two-bedroom apartments and eight two-bedroom condominiums for sale. In addition, part of The Signature development will include 16,100 square feet of retail space on the ground floor. The City of Carmel is also a partner in the project by allowing developers to use incremental funding bonds to build a public parking lot with 389 spaces as part of the project.
“One of Tegethoff Development’s distinctive values is ‘Together We Achieve More’, and our continued partnership with Great Lakes Capital will position The Signature at Carmel as the new standard of excellence for residential living in Carmel. Said Jeff Tegethoff, founding director of Tegethoff Development.
“With over 20,000 square feet of extravagant amenity space – including a golf simulator, over 4,000 square foot fitness center, resort-style swimming pool, high-tech offices, a pickle ball court and a private event venue, The Signature will attract a variety of demographics from young professionals to empty nesters looking for a maintenance-free luxury rental or sale product.
“We are thrilled to launch this project today which will bring more young professionals to Carmel, the next generation of the best and brightest employees who can fill the hundreds of jobs will arrive as we continue to attract employers. company, ”said Mayor Brainard. “We felt it was important to invest in this project through TIF bonds – without risk to local taxpayers – so that this project can maximize its space with parking that will also be available to the public.”
“Residents of The Signature will experience the latest modern technology with keyless entry and easy access for guests. Generous floor plans, open plan designs, and modern interiors are perfect for a variety of lifestyles, providing the space and flexibility apartment dwellers love.
“The whole team at Tegethoff and Great Lakes Capital have been great working with them and I can’t wait to see such a large building and free parking make this mainstreet area even better,” Henry Mestetsky, director of the Carmel Redevelopment Commission.
“The Signature at Carmel is located on the northeast corner of Main and Old Meridian streets, just north of Cunningham Restaurant Group’s Bru Burger Bar and Rize Restaurant, and directly across from Rosie’s, Bar Louis, Verde and Sugar Creek Winery.
“For more information and to subscribe to project updates, please visit LaSignatureAtCarmel.com.
“About Tegethoff Development
“Tegethoff Development has the proven ability to combine artistic vision and practical problem-solving necessary to transform out-of-print and obsolete properties, thereby creating relevant, blue-chip assets for residents and investors. At Tegethoff Development, a irreplaceable building is more than just four walls and a roof. a irreplaceable location is more than an address, it is an experience.
“Tegethoff Development is organized for a single business platform – the development of multi-family real estate – with a focus on new construction and historic renovation assets. Tegethoff Development’s multi-talented team with backgrounds in construction, architecture and design, property management, capital markets and financial operations provide first-class service and top-level execution with every transaction . 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 the capital of the Great Lakes
“Based in South Bend with additional offices in Fort. Wayne and Indianapolis, Great Lakes Capital is a real estate development and private equity firm, focusing on several types of base properties, including industrial buildings, offices, physician offices, rehab hospitals, hotels, multi-family and mixed-use. Since opening in 2005, Great Lakes experience, long-term perspective, work ethic and integrity Capital have enabled it to grow its portfolio throughout the Midwest and beyond. Great Lakes Capital’s ability to listen and respond to the needs of municipalities and the market has enabled them to successfully invest in over $ 1 billion. worth of real estate projects as well as continuing a development pipeline of over $ 600 million. Their five directors have nearly 150 years of experience and have closed over $ 6 billion. of commercial real estate investments across property types, geographies, capital structures and economic cycles. Visit GreatLakesCapital.com to learn more. “
Press release published on November 1, 2021 by the government of the city of Carmel