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CHICAGO-Smart growth builds upon smart growth as locally-based AMLI Residential Properties breaks ground on its AMLI at Carmel Center in the Indianapolis suburb of Carmel. According to REIT executives, when completed, the multifamily development will offer 322 units on 10 acres.

In all, say AMLI officials, the total project will encompass 345,570 sf broken out into 17 two- and three-story buildings and individual townhomes. The compex will also offer “142 one-bedroom, 152 two-bedroom and 28 three-bedroom floor plans,” says AMLI SVP Jim Thomas. “The apartment homes will average 1,074 feet in size. The first units are expected to be available for occupancy in the second quarter of 2002 with stabilization scheduled for the third quarter of 2004.”

The development will play off of the redeveloped Carmel Center, which, when complete, will offer 180,000 sf of retail and office space as well as recreational and cultural amenities.

“Carmel enjoys the metro area’s highest incomes and preeminent office locations and has historically resisted apartment development,” boasts Thomas. “This offers us a unique infill development opportunity.”

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