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Market Square development gets vote of approval

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INDIANAPOLIS, Ind. – The City-County Council voted to approve incentives for an $81 million mixed-use apartment building at the former site of Market Square Arena.

They voted in favor of giving the developer up to $23 million dollars in incentives. The proposal passed with an 18-9 vote.

The Market Square development will include 300 luxury apartments, with space for parking and a high-end grocery store. Developer Flaherty and Collins said the new building will transform the skyline of downtown Indianapolis.

Mayor Greg Ballard first brought up the development in his 2013 State of the City Address. He released the following statement in response to the vote:

“After sitting vacant for a decade, the former Market Square Arena site will soon transform out skyline with a gleaming new retail and residential tower. Exciting projects like this make Indy an attractive place to live. I look forward to signing the proposal passed by the Council and getting construction started on this project in the summer.”

Several attempts to redevelop the site, located near East Market Street and Alabama, have failed until now. The land was home to the former Market Square Arena. This prime real estate is currently being used as a parking lot.

The developer previously told FOX59 he could break ground as early as June.