Carmel City Council to review plans for Signature55 senior living development

CARMEL, Ind. (WISH) — Carmel Mayor Sue Finkam and the Carmel Redevelopment Commission have advanced plans for Signature55 Carmel, a new development aimed at providing housing for active older adults, to the Carmel City Council.

The Signature55 Carmel project is a collaboration between Rebar Companies, Develop Signature, the City of Carmel, and Carmel Clay Parks & Recreation. It is set to cover over four acres on Old Meridian Street and includes housing units, a future Veterans park, and a parking garage.

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

The development will feature paved walkways for park access and eventual trail connectivity to a Veterans Greenway. The parking garage will have 356 spaces, with 75% unreserved and open to the public. Public restrooms will be operated by the developer, and the Veterans park will include a central water feature designed in conjunction with the City’s veterans.

The City Council’s review of the project will involve a bond resolution and an intergovernmental land transfer. The City has the opportunity to purchase the land at well under the appraised value, with the project expected to generate $483,000 in taxes annually.

Signature55 is purchasing the site from Cross Development, which had a previous project approved in 2022 that did not proceed.

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