INDIANAPOLIS - The City-County Council approved a $23 million funding plan for a new high-rise residential tower to be built on the site of the former Market Square Arena.
Last year, Flaherty and Collins Properties announced their plans for a 28-story mixed-use tower to be built on the north side of the property that could house 500 people in 300 luxury apartments, covering 43,600 square feet.
While the funding deal was approved by an overwhelming majority (18-9) Monday night, some members said they just couldn’t justify the cost of the project.
"I’m opposed to the project because the incentive the city is providing is over the top. We’re unable to fund public safety, and it is difficult for me to explain to my constituents why we can’t hire more police officers, yet we can do over $23 million, actually closer to $30 million when you add in the land, in incentives for luxury apartments. It just doesn’t sit well with people," one council member said.
Since the deal was approved, Mayor Greg Ballard issued the following statement:
"After sitting vacant for a decade, the former Market Square Arena site will soon transform our skyline with a gleaming new retail and residential tower. Exciting projects such as this make Indy a more attractive to place to live.
I look forward to signing the proposal passed by the Council and getting construction started on this project this summer."
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