A Carmel-based company plans to break ground this month on a new market-rate apartment community on Upper Shelbyville Road.

Plans for a downtown space include three primary plots that could see extensive development including over 1,000 apartments, retail and a hotel.

With 153 apartments, a gym, common spaces, a hairdresser and a brewery, Stevens Mills in Franklin is akin to a college campus to Elizabeth Stewart, the property manager. The shuttered mills off ...