Market Square luxury high rise approved

Market square arena rendering
Rendering for the redevelopment of the former site of Market Square Arena. (Provided Photo/Flaherty and Collins)

INDIANAPOLIS (WISH) – There will be new development at the old Market Square Arena site–the Indianapolis City-County Council approved it Monday night.

The council approved up to $23 million in bonds to help build the $81 million project. The developer says this will be a 28-story building combining apartments and retail space.

Critics on the council questioned whether city support would be a good investment.

“But before we can realize any return on an investment we first have to make that investment back to break even,” said Zach Adamson, (D) City-County Council. “And that will take us over 36 years to do that.”

The critics were able to make a change in the original proposal. But, after the amendment, the council approved the project.

Construction is expected to begin in June.

Mayor Greg Ballard released the following statement Monday night:

“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.” provides commenting to allow for constructive discussion on the stories we cover. In order to comment here, you acknowledge you have read and agreed to our Terms of Service. Commenters who violate these terms, including use of vulgar language or racial slurs, will be banned. Please be respectful of the opinions of others and keep the conversation on topic and civil. If you see an inappropriate comment, please flag it for our moderators to review.

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