INDIANAPOLIS (March 4, 2014) – A proposed $81 million, 28-story development will go before the City-County Council. If approved, the former Market Square Arena site will be home to the new tower.
The Metropolitan and Economic Development Committee voted to approve a $23 million plan to help build it. The project has been in the works for years and the vote moves it one step closer to reality.
“You’re taking property that is currently a parking lot and you’re going to put a 28-story apartment tower that has 300 apartments in it. It’s going to attract new residents, new retail to downtown,” said Marc Lotter, spokesman for Mayor Greg Ballard.
The city will contribute $17.8 million to the $81 million project by investing property taxes generated from the project back into the development. As part of the proposal, 30 percent of the construction workers would have to be local.
“So it’s been discussed, different proposals, different things planned nothing has happened so it will be a real plum for the city to make finally make something happen on such a prominent piece of real estate in downtown Indianapolis,” said developer David Flaherty.
The developers’ proposal includes green space and pool on the parking/retail roof, a green sky window on the tower roof, and apartments with panoramic views of Indianapolis through floor-to-ceiling windows and balconies. The project will offer one- and two-bedroom apartments with rents anticipated to range from $1,300-$2,400 per month.