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Cornerstones unveiled for Midtown projects now underway

Cornerstones were unveiled Friday, May 11, for two new building projects in Carmel’s Midtown redevelopment district. More than 50 people joined Mayor Jim Brainard, Merchants Bank, Barrett & Stokely and other firms involved in the projects to witness the unveiling at the corner of Elm Drive and Monon Boulevard. Merchants Bank is building a new corporate headquarters on the southwest corner of the intersection while Barrett & Stokely is building a pair of apartment buildings. Both projects include parking garages and first-floor retail facing the Monon Greenway.

“We have worked hard to put in motion the vision of a new Midtown area filled with places to work, live and play. We are standing in the shadows of the new Allied Solutions building and watching MJ Insurance’s building rise a block to the south, Anthony’s Chophouse to the north and Sun King Distillery right across the street,” said Mayor Brainard. “I want to thank Merchants Bank and Barrett & Stokely for having the confidence in our vision to make this tremendous private investment in our City.

Merchants Bank is building a new 137,000 square foot corporate headquarters and office building on the southwest corner of Elm Street and the new Monon Boulevard. The building will contain 10,000 square feet of restaurant and retail facing the Monon Greenway.

“Merchants Bank of Indiana is excited to join the Carmel Midtown community,” said Mike Petrie, Chairman. “ The Indiana Chamber of Commerce has recognized Merchants for three consecutive years as one of the Best Places to Work in Indiana. The investment in our corporate headquarters supports future plans for growth, demonstrates our commitment to supporting the communities we serve, and provides a work environment for our employees that will truly be THE best place to work.”

Across Elm/4th Street, Barrett & Stokely is building a mixed-use community to be named The Railyard at Midtown. This project will include 208 luxury apartments and 12,000 square feet of restaurant/retail space facing the Monon Greenway.

“When we started working on this project almost three years ago, I think it’s fair to say it was a long shot. But the district has grown-up in a short period of time,” said Bryan Barrett, CEO. “The Monon Greenway is in the process of becoming a world-class, linear park that will solidify the Monon Trail as Carmel’s true beachfront property. It is my personal opinion that Midtown, in conjunction with, both City Center and the Arts & Design District, is on the verge of becoming an amenity unlike any other in the Midwest.”

Both projects have been overseen by the Carmel Redevelopment Commission.

“Carmel’s Midtown is a perfect example of the Mayor’s vision to cultivate a mixed-use, amenity-rich central core that attracts both high-wage corporate headquarters jobs and world-class employees to fill those jobs,” said CRC Executive Director Henry Mestetsky. “These are excellent projects that serve to fulfill that vision and we will have many more to come.”

Both projects are scheduled to be substantially completed in 2019.

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