Millstone Ventures and Carmel-based Pittman Partners are proposing a 154-unit luxury apartment community on a six-acre corner at 106th and Illinois streets in Carmel. The project, called Venture at Meridian Trails, is a smaller, resort-style concept than an earlier plan for the site. Millstone was founded in Indianapolis in January 2017 by former Indiana University teammates Adrien Dannemiller and Andy Weatherford; the company says its development pipeline spans the Midwest and South.
Dannemiller and Weatherford met on Indiana University's varsity track and field and cross-country teams, according to Indianapolis Business Journal. Weatherford ran for the Hoosiers from 2007 to 2012. Dannemiller joined the program for the 2011-2012 season after graduating from Cornell University. Millstone says both were nationally ranked in the 3,000-meter steeplechase and earned All-American, Big Ten and Academic All-American honors, according to Millstone Construction & Development.
After college, Weatherford continued his education at Washington University in St. Louis. He and Dannemiller reunited three years after graduation at a real-estate development company in Southern Indiana. The two founded Millstone Management LLC in Indianapolis in January 2017, according to Millstone Construction & Development.
From General Contracting to Ground-Up Development
Millstone has worked in general contracting as well as development. The company says it has constructed more than $290 million in commercial projects, according to Millstone Construction & Development.
Millstone says it opened its development arm in 2021 and has since pipelined more than 1,900 units across 10 multifamily developments in the Southeast and Midwest, according to Millstone Construction & Development.
A Smaller Footprint for the Carmel Corner
Venture at Meridian Trails is proposed for the southwest corner of 106th and Illinois streets in Carmel. Millstone Ventures is partnering with Carmel-based Pittman Partners on the 154-unit project, according to the IBJ's reporting.
The proposal differs from a plan described in September 2024 for 169 age-restricted apartments for adults 55 and older, according to Current in Carmel. By September 2026, the concept had shifted to a resort-style apartment community with 154 units. Current in Carmel reported that the revised design is 65,000 square feet smaller and has 15 fewer units than the earlier proposal.
Carmel’s housing mix and affordability
According to the City of Carmel’s Mayor’s Advisory Commission on Housing, 42.6% of the city’s renter households are cost-burdened, based on 2023 ACS data. The report also says 69.6% of Carmel’s housing inventory is detached single-family and 51.2% of dwellings have four or more bedrooms. These figures offer context for rental-housing needs, but do not establish whether this proposal would address affordability.
Plan Commission Review
The Carmel Plan Commission is expected to review the proposal, Current in Carmel reported.
Millstone's portfolio also lists a 320-unit Class A community in Knoxville's Turkey Creek area and a 150-unit Class A development in Bluffton, South Carolina. The company says its first multifamily development was stabilized and sold in November 2025, and construction on its Lake Julian development in South Asheville wrapped up the same year.
