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Named one of the
best places to live in America
by Money Magazine and American
City Business Journal,
Carmel has the demographics
to support a distinctive
retail development dedicated
to the arts. Retail spending
is two times the national
average.
The city’s location on the edge of Indianapolis
includes a primary trade area of 310,000 persons with an estimated
annual retail expenditure of $8.5 billion. Whereas the total trade
area includes over 561,000 people with an annual retail expenditure
of $15.7 billion. Carmel residents are primarily (96%) employed
in white collar professions with an average household income
of $116,509. (Retail Market
Analysis by Gibbs planning Group, Inc. Birmingham, MI, 2005)
The District’s
mix of cultural amenities,
cafes, restaurants and
residences will form
a unique anchor of attraction
in the community. In
addition to the existing
traditional retail space,
developers are building
a mix of retail and residential
units, which will have
retail on the main level
and residential on the
upper two or three floors.
The majority of this
project will be sold
by the developer to the
business owners, allowing
smaller businesses to
own their own building and
have an investment in
the district.
The gateways at Main Street
and 4th Avenue East and Range Line Road and 4th Street South are
installed. The western and southern boundary gateways will be installed
soon.
In addition, the City
has invested more than
$10 million in the
renovation of Old Town
Carmel such as brick
sidewalks, distinctive
street lighting, and
signage to create a
historic look and charming
character. New construction--14,000
additional square feet of retail
space, plus new residential
development—along
with renovated existing retail
space with fresh new
facades will create
a Main Street of old.
Information
provided by Carmel
Redevelopment Commission
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