INDIANAPOLIS -- Indianapolis' historic Fountain Square neighborhood has a new namesake.

Lady Spray, a huge fountain featuring a Greek goddess, now overlooks the area's popular intersection at Virginia Avenue, Prospect Street and Shelby Street, 6News' Julie Pursley reported.

Friday's dedication is phase one of a $650,000 renovation project that is more than 14 years in the making.

"We're standing here celebrating this today because of one basic reason … because of the persistence of this neighborhood and how important this particular project of the fountain is to Fountain Square," said Mark Stewart with Southeast Neighborhood Development, Inc.

Planners said they are now hoping to secure $1.3 million in federal money and donations to move onto phase two, which involves an overhaul of the nearby public plaza.

The pedestrian-only area at the corner of Prospect and Shelby streets will also be home to the pioneer statue that had been in place at the main fountain since the 1980s.

The entire area will eventually be linked to the Indianapolis Cultural Trail.

"From the very moment we conceived the Cultural Trail, we said the Cultural Trail will not be a success if we do not get down to the fountain at Fountain Square," said Brian Payne with the Indianapolis Foundation.

Friday's ceremony also marked the greening of the fountain, recognizing Fountain Square's history as the center of Indianapolis' Irish community in the early 1900s.

"This is kind of a progression, but kind of a repeat of the history of Fountain Square," said resident Jerry Keys.

About $500,000 for the revitalization 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.