A new $81 million, 28-story apartment tower has been proposed for the former site of Market Square Arena in downtown Indianapolis. The apartment-and-retail development would be backed by a combination of public and private funds, with the city agreeing to contribute $17.8 million from a bond sale and land appraised at $5.6 million.
The project is being proposed and would be built by Flaherty & Collins.
The plan calls for 300 luxury apartments, 500 parking spaces and 43,600 square feet of ground-floor retail space.
The developer is slated to break ground next spring with completion by late 2015.
Market Square Arena has been gone for several years now but at one time is was the home of the Indiana Pacers and was the site of many events and concerts including the last concert performed by Elvis.