New Apartment Tower Planned For Market Square Site In Indy

Downtown planner say there is a demand for more housing around the old Market Square Arena site in downtown Indianapolis

An artist's rendering depicts a new apartment tower planned for the old Market Square Arena site in downtown Indianapolis.

Photo: Courtesy of the Indianapolis Mayor's Office

An artist's rendering depicts a new apartment tower planned for the old Market Square Arena site in downtown Indianapolis.

The Indianapolis skyline is about to get a new, 28-story tower. Mayor Greg Ballard announced plans Tuesday to build a new luxury apartment building on the former Market Square Arena site downtown.

The city has twice tried to redevelop the property after demolishing the old arena in 2001, but both attempts fizzled before breaking ground.

Now the city is focusing on the north lot only. The latest $81 million plan calls for 300 apartments, first-floor retail and 500 parking spots at Market and Alabama streets.

Indianapolis Downtown Incorporated President Sherry Seiwert says her organization has put out surveys indicating there is a demand for more luxury housing in the area.

“We’re just thrilled that for downtown Indianapolis, with the increase in interest in living downtown, we have some market rate housing going on this site,” she says.

A one-bedroom apartment will rent for roughly $1,300 per month. The city is offering tax and other incentives to Flaherty & Collins Properties to redevelop the space. The project should be complete by 2016.

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  • Greg

    Typical Indiana building. Not very tall. Indiana will never have a building that is truly a skyscraper. Most Hoosiers don’t want that because it means progress, and Hoosiers are averse to bold things and progress.

  • Simon s

    Not true, Indianapolis is a fastly growing city that can’t support a giant skyscraper yet. I would love to see a huge skysrcraper downtown but you have to be patient and let the city grow and truly be large and ready enough for a very tall skyscraper. Indianapolis will get a big skyscraper in the near future.

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