From WISH TV
Indianapolis Mayor Greg Ballard announced Tuesday morning that Flaherty & Collins Properties will develop the former Market Square Arena site into condominiums.
Ballard said the plan is to start construction next spring with a late 2015 completion date. The building built on the land will be 28 stories tall and cost $81 million; the city of Indianapolis will contribute $17.8 million.
About 300 luxury one and two bedroom apartments will be built inside and will be sold for $1,300-2,400. There will be 500 parking spaces and 43,600 square feet of ground floor retail.
Leaders unveiled the plans 12 years after Market Square Arena was torn down.
Early in the year, Ballard encouraged proposals for buildings to be constructed on the north lot that would add “bold and dramatic” change to downtown’s skyline.
The city started accepting design ideas for a residential and retail development in April.
Two previous attempts at development on the site failed. In 2004, a lack of interest in condo sales prevented a project’s financing. Three years later, a proposal never gained city approval.
