The City of Carmel’s Mayor Sue Finkam and the Carmel Redevelopment Commission advanced plans 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 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:
“I frequently hear from active older residents who want to downsize their living space yet are eager to remain in Carmel,” said Mayor Sue Finkam. “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 tonight’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.
###
About the City of Carmel, Indiana
A thriving community acclaimed for its distinct amenities, robust and innovative business environment and excellent schools, the City of Carmel was named the #2 Best Place to Live in the U.S. by U.S. News & World Report. Highly regarded by its residents as a safe community offering an exceptional quality of life, Carmel is home to an award-winning parks system and a wealth of cultural options. Carmel is built for big dreams. Find out more at www.carmel.in.gov.