Indianapolis seeking bids for Market Square Arena

March 24, 2013 by  

The city of Indianapolis is looking for bids on the property where the Market Square Arena once stood.

The two-acre property, located at Market and Alabama Streets, is now a parking lot, but Indianapolis Mayor Greg Ballard announced the city’s plans at his ‘State of the City’ speech on March 8, and Marc Lotter, his spokesman, said the city would be looking for a mixed-use venture that would add to the city’s skyline.

This is the third time the city has tried to find a buyer for the property. The arena, where the Indiana Pacers once played basketball, was torn down in 2001, and the site was divided into two parking lots. In 2004, Indianapolis put out a ‘request for proposals’ and actually chose a project, but it was never implemented. In 2007, Indianapolis again issued a request, but held off any decision because of the economic downturn. The current request is for the north lot only, since Indianapolis wants to develop a plan for that site before issuing a request for the other lots.

This time, according to Lotter, there is a lot of interest coming from developers because of neighboring projects that have been built or are under construction, including a transit center and a residential development.

City officials might consider working with brochure printers to create materials explaining the advantages of this location to prospective users. They could also work with flyer printing experts to develop a mailer to let residents know about the project and encourage interest.