INDIANAPOLIS - Flaherty and Collins has been tapped to develop the old Market Square Arena site near downtown in an $81 million project.
Plans call 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.
Rental for the apartments is expected to range from $1,300 to $2.400 a month.
Previous attempts to redevelop the land failed in 2004 and 2007, but officials think this time will be different.
"I'm pretty confident in saying the third time will be the charm for redeveloping MSA," Indianapolis Mayor Greg Ballard said.
The building is expected to bring an estimated $500,000 in income tax annually to the city, to go along with $1.3 million in real estate taxes and additional sales tax revenue.
"This new development is also attracting new wealth for downtown. And believe me, folks, that is not a bad thing. For years, years, we've had hundreds of millions of dollars leaving our county. And it's high time that we reverse that trend," said Sherry Seiwert with Indianapolis Downtown, Inc.
The building will also offer a posh downtown living option for people moving to Indianapolis.
"Indy is experiencing a renewal like few other cities in the nation right now," Ballard said. "People are choosing to live in Indianapolis once again."
David Flaherty, CEO of Flaherty and Collins, said the tower will be a striking addition to the city's skyline.
"We'll be making a bold statement for the east side of the city," he said. "Indianapolis is a progressive, vibrant, forward thinking city."
Flaherty said he expects the development to bring $40 million in payroll, both permanent and in construction, in the first five years.
Indianapolis is set to kick in $17.8 million to the project by "investing property taxes generated from the project back into the development," Ballard's office said in a news release.
If the project is approved by the Metropolitan Development Commission and City-County Council, construction would begin next spring, with a projected completion date of late 2015.
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