Preheat your oven to 350°F (175°C) and grease a 9-inch springform pan.

In a medium bowl, whisk together granulated sugar and all-purpose flour, then add softened cream cheese and beat until smooth.

Incorporate large eggs one at a time, mixing well, followed by sour cream and vanilla extract.

In a larger bowl, whisk together baking soda, baking powder, ground cinnamon, and nutmeg.

Mix canola oil and applesauce in another bowl, then gradually fold in the dry ingredients.

Gently fold in the finely grated carrots until fully incorporated.

Layer the mixtures in the prepared pan, starting with carrot cake, then cheesecake, and repeat.

Bake for 60-65 minutes, tenting with foil after 40 minutes to prevent excessive browning.

After baking, cool on a wire rack for 1 hour then refrigerate for at least 6 hours, ideally overnight.

For the topping, beat together softened cream cheese and butter, then gradually add powdered sugar until fluffy.

Spread the topping over the chilled cheesecake and refrigerate again for 20-30 minutes before serving.