New $4.5 million garage in Carmel will include townhouses, retail space, steakhouse

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CARMEL, Ind.– A major transformation is on its way to Carmel’s arts and designs districts.

Monday night, the City Council unanimously approved a $4.5 million parking garage at the corner of the Monon Greenway and Main Street. It will include a steak house, retail space and townhouses.

The Carmel Redevelopment Commission will enter into an installment-purchase contract with a financial lender. This will result in the city having smaller amounts of debt that carry a lower interest rate, lower professional fees and a shorter term than standard bonds, according to our newsgathering partners at the Indianapolis Star.

Camel will use property taxes collected from the project to pay back the debt.

At this time, there’s no word on when the city is planning to complete the development.