Tegethoff Development and Great Lakes Capital on Monday joined Mayor Jim Brainard and Carmel Redevelopment officials in breaking ground 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 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 is also a partner in the project by allowing the developers to use Tax Incremental Financing (TIF) 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.
Rendering provided by City of Carmel
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, pickleball 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 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 floor plans, 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,” said 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.