The city-county council in Indianapolis has approved $23 million in financing for a high-rise on the former Market Square Arena site. Plans for the $81 million, 28-story tower call for hundreds of apartments, a grocery store and additional retail space. Developers could break ground in June and our partners at WTHR-TV in Indianapolis report construction is expected to take approximately two years. Mayor Greg Ballard says the project, which will be located on a lot that has been undeveloped since the old arena was demolished in 2001, will make Indianapolis a “more attractive to place to live.”

March 18, 2014

Statement from Mayor Greg Ballard on City-County Council Passing Market Square Arena Redevelopment Proposal:

“After sitting vacant for a decade, the former Market Square Arena site will soon transform our skyline with a gleaming new retail and residential tower. Exciting projects such as this make Indy a more attractive to place to live.

I look forward to signing the proposal passed by the Council and getting construction started on this project this summer.”

Sources: Inside INdiana Business, WTHR-TV, The Office of Mayor Greg Ballard

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