CARMEL, IN – Cornerstone Companies recently closed on a three-acre parcel of land at 12174 North Meridian Street in Carmel, Indiana. Cornerstone plans to develop a three-story, 40,000-square-foot medical office building at the site, which sits along Carmel’s bustling medical corridor.

The project, known as Carmel Medical Arts Pavilion, will include four healthcare tenants. The tenants will provide medical services in the areas of orthopedics, rehabilitation, concierge primary care, and pediatric dentistry. The state-of-the-art facility will feature covered physician parking, an outdoor terrace on the third floor and limestone upgrades. Cornerstone will serve as the developer, construction manager and eventual property manager for the project.

In addition to the soon-to-be-developed Carmel Medical Arts Pavilion, Cornerstone has previously developed eight other medical office building projects along the North Meridian/U.S. 31 corridor, encompassing a total of more than 288,719 square feet.

“Cornerstone is excited to add another strong healthcare asset to the Meridian Street corridor,” said Tag Birge, President of Cornerstone, which has developed more than $1 billion in healthcare assets nationwide. “We also look forward to bringing additional innovative providers to this prominent area.”