Carmel, Indiana – Right along the trail, allowing for multiuse businesses as well as apartments and condos, the Carmel city government is unveiling plans for the Monon Square redevelopment.
They’re also planning on a new development on the outskirts of the city.
Between the two, they will equal nearly $1 billion in redevelopment projects.
According to Henry Mestetsky, the city government’s director of development, “Monon Square is really our last missing piece between our City Center area and our Midtown redevelopment area. We used a world-renowned urban planner, Jeff Speck, to plan Midtown and we brought him back to plan Monon Square.”
Small businesses are a major part of Carmel’s plans for the future, Mestetsky said. “We always focus on our small businesses. For Monon Square, since 2018, those month-to-month tenants have known that redevelopment was coming. We hired several brokers to help many of them relocate, and many of them have relocated. I personally found a new location for Union Brewery. I’m quite proud of that. I’m excited to see them in their new location along with many of the other businesses in Monon Square,” Mestetsky said.
The first phase of the Monon Square redevelopment has a price tag of $100 million. A new project at 111th and Pennsylvania streets, with a price tag of $700 million, will turn an open field into a whole new part of the city. “This is going to transform it. It will be walkable, vibrant, and have a big open plaza in the middle of it, filled with amenities. We expect there to be a lot of for-sale housing, a 12.5% workforce housing component, and lots of new retail, lots of new offices,” Mestetsky said.
According to Mastetsky , the best part is taxpayers won’t feel a thing. The money to fund the projects is coming from future taxes from projects. Mestetksy says it’s all so the city can continue to develop into a destination.
“The goal here is to build an amazing place to live, and an amazing place to work,” Mestetsky said.
