Indianapolis will build a mixed-use development in the downtown area
July 22, 2013 by James
On July 16, Indianapolis mayor Greg Ballard and other officials announced there will be a mixed-use development built in the city’s downtown. The new project is called Market Square, and has been under consideration for some time. Flaherty & Collins Properties will develop the project.
The development is a high-rise, glass tower of 28 stories, and it will go on the site of the old Market Square Arena (MSA). This was home to several professional sports teams over the years, including the Indiana Pacers basketball team, and the Indianapolis Ice, an ice hockey team. The arena was demolished in 2001 and the land has been used as a parking lot, but otherwise has been sitting vacant.
The new tower, which has the same sort of sinuous design as Lake Point Towers in Chicago, will have 300 apartments, and retail space on the first floor. Renters will bring money to downtown as well as increasing the population density, both of which will revitalize the area.
David Flaherty, the developer, said that tower residents are likely to pay as much as $500,000 in income taxes, while the tower itself will pay real estate tax in the amount of $1.3m. In addition, some $40m will be paid out in salaries to various people as Market Square is built.
The developers want to rent units as well as bringing in retailers for the ground floor. To that end, they could work with brochure printers to create an advertisement tailored to local renters who might want to “move up”, thus pointing out the building’s amenities to potential retailers at the same time.