INDIANAPOLIS - Columbus-based Cummins Inc. is planning to move its global distribution headquarters to a new office in Indianapolis, bringing roughly 150 new positions with it.
Cummins announced the plans Wednesday, which would move one of its four business units to downtown Indy's four acres that used to be the home of Market Square Arena in an estimated $30 million investment.
"Cummins is a well-respected global leader in technology and innovation," Mayor Greg Ballard said. "Locating the global distribution headquarters of a Fortune 500 company downtown will bring new people, visitors and recognition to Indy as a worldwide economic center."
The company's plans for the site include an office building with ground-floor retail, a training center, public greenspace and a parking garage. It will be able to house roughly 400 employees.
"Obviously we are building the building with the potential for future expansion. We have continued to grow over the last decade," Cummins spokesman Jon Mills said.
Indianapolis officials said Cummins will purchase the property for $4.3 million. The city plans to invest $3.3 million in infrastructure improvements and parking on the site, and abate 70 percent of the development's property taxes for 10 years.
Cummins said it is committed to bringing a significant architectural element to the downtown Indy landscape with the design of the new buildings.
There have been numerous plans that fell through for the Market Square Arena site since the building was imploded in 2001.
Cummins is a corporation of business units that design, manufacture, distribute and service engines and related automobile technology. The corporation employs roughly 46,000 people across the globe and services customers in nearly 200 countries and territories.