Market Square Partners to Open New Model, Sales Center For Indianapolis Condo Project

The company redesigned its floor plans and adjusted its price range for the project, which will include a 31-story tower and two four-story buildings on the former site of Market Square Arena.

Source: Inside INdiana Business

Press Release

Indianapolis—The public will get its first view of what luxury high-rise living will look like 31 stories above the former Market Square Arena site when One Market Square unveils its new tower model and state-of-the-art sales center on Oct. 1.

The public opening of the sales center, 251 E. Ohio St., Suite 150, on the corner of Ohio and Alabama streets, is scheduled for noon on Saturday.

A well-appointed four-room model was constructed based on real square footage and configurations of an actual floor plan in One Market Square. The model is designed to provide prospective purchasers with a representative view of finishes, fixtures and amenities offered in the development. Photographs of condominium views have been enlarged within the models to give visitors a better sense of what it will be like to live at different elevations in the heart of booming downtown Indianapolis.

Three interactive kiosks will allow visitors to choose from more than 20 one, two and three-bedroom floor plans. Visitors can easily locate residences of their choice and experience real views of the city from various elevations in all directions. An interactive map showcases One Market Square’s proximity to downtown businesses, restaurants, shopping and cultural attractions.

“It is important for us to construct an environment that is going to be as much like the actual condominium interiors and exterior views as possible,” said Mark Cain, development manager for One Market Square. “Prospective buyers need to know what it feels like to enjoy a glass of wine from their terrace while overlooking the Indianapolis skyline 15 to 20 stories up.”

One Market Square is phase one of a two-phase project. In 2004, the city of Indianapolis selected Market Square Partners’ redevelopment proposal for the former Market Square Arena site on the corner of Market and Alabama streets. The first phase includes a 31-story tower and two four-story mid-rise buildings. A second tower of 200 condominium residences is planned for phase two.

Tower Residences range in price from the low $200s to $1.75 million. The condominiums range in size from 874 to 2,929 square feet. The tower will include 13,000 square feet of retail space.

National City Bank is offering special below market rate financing on all residences in the development through its NCHAMP loan program. This same program provided significant savings to new homebuyers in other successful downtown developments, such as Fall Creek Place and College Corner in the Old Northside.

In the past few weeks, One Market Square has had enthusiastic response from potential buyers who signed contracts when the development was known as The Residences at Market Square. Former contract holders were given the first opportunity to view floor plans and reserve residences.

“We are experiencing a residential building boom in our Downtown like never before, and One Market Square is the type of bold development that can drive demand and interest even higher,” Mayor Bart Peterson said. “One Market Square will reshape the entire Eastside of Downtown, anchoring a vibrant Market District that will attract visitors, create investment and promote 24-hour activity.”

One Market Square’s first-phase tower grew from its original 23-story configuration to 31 floors to provide additional floors for condominiums and parking. A 60-foot by 25-foot glass enclosed indoor pool, a whirlpool spa and an expanded private fitness center with an outdoor sun deck/terrace also have been added.

One Market Square now includes more diverse pricing and floor plans, with nearly twice as many residences available at or less than $300,000. Chicago-based Mesa Development LLC added all-glass curtain walls to provide more spectacular floor-to-ceiling views of Indy’s skyline from the west elevation and southwest corner.

Construction of the tower may take 22-24 months to complete. Market Square Partners expects pre-sales to provide for ground breaking as early as next year.

About Market Square Partners, LP

Market Square Partners, www.OneMarketSquare.com, is a special purpose entity formed for the acquisition and development of the former Market Square Arena site. Market Square Partners' development team is comprised of the following professional associates: Smoot Construction Co., Mesa Development LLC, DiMella Shaffer, and DeStefano and Partners. FLOCK Real Estate Group is the sales and marketing agent and Linder Company is the commercial leasing agent.

Source: Market Square Partners