Old Market Square Arena site development to cost $20M more than estimated

A proposed development at the old Market Square Arena site.

INDIANAPOLIS (WISH) — A mixed use development planned for the old Market Square Arena site will cost $20 million more than developers originally estimated.

The developers broke that news to the City County Council Monday.

The project was originally slated to cost $128 million, but now developers say it will cost close to $150 million.

Some of that is to be paid for with public funds.

Some council members took issue with the miscommunication, and they let the developers know that they’re not happy.

Developers say construction costs have gone up since their original estimation.

The mix use project is slated to be complete in 2017.

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