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New Apartment Tower Planned For Market Square Site In Indy

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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