Carmel mayor advances Signature55 housing development for active older adults

Submitted by City of Carmel

Carmel Mayor Sue Finkam and the Carmel Redevelopment Commission advanced plans Monday night for the city’s newest development to the Carmel City Council, a collaboration among key groups that features highly sought-after housing options for active older adults, as well as dedicated park space.

Signature55 Carmel, a public-private partnership among Rebar Companies and Develop Signature, the City and Carmel Clay Parks & Recreation, covers more than four acres on Old Meridian Street, just north of the Carmel VFW Post 10003 and west of Carmel Middle School.

Signature55 Carmel features include:

• Housing units and amenities for active older adults

• Dedicated space for a future Veterans park with a central water feature, designed by Carmel Clay Parks & Recreation in conjunction with the city’s veterans

• Paved walkways to access the park from Old Meridian Street and the VFW post, with eventual trail connectivity to a Veterans Greenway.

• A parking garage with 356 parking spaces, 75 percent unreserved and open to the public.

• Public restrooms operated by the developer

Finkam

“I frequently hear from active older residents who want to downsize their living space yet are eager to remain in Carmel,” Mayor Finkam said. “Signature55 offers an appealing option for them alongside generous park space for all of our residents and visitors to enjoy.”

Carmel Redevelopment Commission Executive Director Henry Mestetsky and Carmel Clay Parks & Recreation Director Michael Klitzing discussed the redevelopment project and future park at the VFW Post on Aug. 11, a gathering organized by City Council Vice President Matt Snyder, who has long championed parks and trail connectivity in the area.

Following Monday night’s action, the City Council will review the project that will ultimately require a bond resolution and an intergovernmental land transfer of the park-designated space. The city has the opportunity to purchase the land at well under the appraised value as part of the redevelopment that, as planned, can be accomplished with no additional city debt and once developed, is expected to generate $483,000 in taxes annually.

Signature55 is purchasing the site from Cross Development, which had pursued a project approved by the city in 2022 that did not ultimately move forward.

Signature55 leaders have been engaged in other area developments including The Signature at Carmel.