CARMEL, Ind. – Construction crews in Carmel will soon start work on a brand-new housing and business development in the city.

The Monon Square shopping center has been mostly reduced to rubble, but soon Carmel’s latest development will start to take shape.

“The City of Carmel has a city center and a midtown redevelopment area and there’s a big missing puzzle piece in the middle,” said Henry Mestetsky, the executive director of the Carmel Redevelopment Commission.

Mestetsky said that the missing piece of the puzzle was the Monon Square. The city purchased the property back in 2018 and helped existing businesses find new homes.

The redevelopment of the property will come in two phases. The first phase will consist of a $100 million housing and business development on the north side of the property. The second phase, which the city has not yet made plans public, will be located on the southern part of the property.

“We’ve created these walkable areas with first-floor businesses where people want to work, live and play,” Mestetsky described of recent developments. “And really Monon Square was the last big piece between City Center and our Arts and Design District.”

The new complex will include apartments, condos and business suites.

“Really the more that we build, the more desirable the area becomes moving forward,” Mestetsky said.

The complex will sit along the Monon trail. People who live in the area, like Grace Gabbert, say it is neat seeing growth along the Monon. Gabbert lives in a neighboring apartment complex already along the trail.

“I grew up around this area,” she said. “Just to see this area grow so rapidly the way it has been is awesome. Just being able to walk outside and get on the Monon and walk anywhere really is so fun.”

Gabbert said new developments give residents more options and things to do.

“You can really walk anywhere and it’s like the city feeling but you’re still in a suburban area,” she described. “I think the continued growth is all good.”

The first phase of the project is expected to be done in the next 18 to 20 months. Mestetsky said the city engineers will modernize Veterans Way as part of the project and put all the utilities underground.

Meanwhile, the city says it is still working on plans for the second phase.