Carmel Continues to Reinvent Itself with MidTown Redevelopment

In its seemingly perpetual bid to become a world-class, walkable city, Carmel is working on plans to

redevelop a swath of land between Main Street and its City Center Development—a move that could raise Carmel’s property values, experts say.

The 867,000-square-foot MidTown area pegged for redevelopment, situated off a portion of the Monon Trail, is currently occupied in part by Merchant Square, a strip mall with a smattering of vacancies.

“Rather than ‘park-once’ locations, the pieces of downtown Carmel will coalesce into a greater whole in which walking, biking, and transit are able to provide a convenient alternative to the car-bound lifestyle that has become the norm in suburban Indiana and, indeed, across America,” according to a recent report by Speck and Associates, the firm advising the city.

City leaders say they have plans for a more pedestrian-friendly site—the city’s third major redevelopment phase—which would feature a 750,000-gallon water tower where a grain elevator once rose.

In addition, the base of the tower will feature water fountains. Analysts expect the redevelopment to boost property values in the area, Speck and Associates say.

“As it lends value to surrounding properties, this feature should result in increased tax revenues that justify its cost,” according to the report.

Known for its quality schools, relatively low taxes and as an up-and-coming arts mecca, Carmel is already seeing high demand from potential homeowners. The MidTown redevelopment project will only add to the burb’s curb appeal.