INDIANAPOLIS -- An historic neighborhood on Indianapolis' south side is getting a $650,000 facelift in the form of a new fountain that they hope will make the area more inviting.

The new fountain at Fountain Square is part of a project that has been in the planning stages for 14 years, 6News' Julie Pursley reported.

The pioneer statue, which has been in place since the 1980s, will be lifted off its pedestal Tuesday afternoon and hauled away in what area businesses hope will be symbolic in ushering in a better future.

"It's a diamond in the rough. We need to realize the potential that the area has," said Dennis Baar, who lives in the area.

The cornerstone of the neighborhood is the third fountain, which has been there since 1889. It will be replaced to make it look like it did about 120 years ago, with a statue of a Greek goddess.

Fountain Square Main Street Manager Paul Baumgarten said the new configuration will not only be aesthetically pleasing, it will also be safe.

"Being a pedestrian in Fountain Square at this intersection is like running the gauntlet," Baumgarten said. "It's very dangerous."

Sidewalks will be removed, and there will be no pedestrian access to the fountain. In phase two of the work, the pioneer statue, which will be temporarily stored at Garfield Park, will be brought back to the neighborhood in a pedestrian only area at the corner of Prospect and Shelby streets.

Business owners hope the changes will bring in more foot traffic.

"I think this is going to mean we can be just like downtown," said Linton Calvert, who owns a business at Fountain Square. "This is a destination."

About $500,000 for the project came from a federal transportation grant. Another $150,000 came from private donors, such as Eli Lilly, Anthem, Farm Bureau and area business owners.

The first phase is expected to be completed by the end of November. Phase two doesn't have a timeline yet, because the funding has not yet been secured.