The city-county council in Indianapolis is slated to take a final vote this evening on major incentives for a planned 28-story development where Market Square Arena once stood. The vote involves authorization of up to $23 million in bonds for the project. Our partners at WTHR-TV in Indianapolis report construction on the high-rise could begin in June. A committee approved the incentives for the more than $80 million project earlier this week.
If complete, the structure will reshape the Indianapolis skyline.
Mayor Greg Ballard says the building, which also include retail space, will provide an economic lift for the city.
Market Square arena was demolished in 2001 and the city has been working to land a major developer since then.
You can view the full proposal before the council by clicking here.
Sources: Inside INdiana Business, WTHR-TV