Market Square luxury high rise approved

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.”

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