Market Square Arena Gets Two New Plans

The former site of the Market Square Arena now has two developers vying for two very different visions of what downtown Indianapolis will look like.  The two developers that are interested in the site are Market-Ability Partners and Market Center Partners.

 The reason both of the developers are submitting new plans is because the first attempt to build a 31 story condominium project of the Market Square site failed to get financing last year and the project was scrapped.  One of the major reasons for its failure was that the project’s financing had a presale condition that required them to sell so many units before it could begin. 

Market-Ability Partners Proposal

Market-Ability Partners is comprised of Hearthview Residential, Mansur Real Estate
Services, Venture Real Estate Services, and Lauth Property Group.  Their proposal calls for 523,000 square feet of mixed-use development on the north and south of Market Street.  The north side would hold a 14-story tower with 105,000 square feet of office space and 228,000 square feet of apartments and condominiums that would range in price from $110,000 to over $2,000,000.  Their plan also calls for two 6-story mid-rises and a proposed 140,000 Target store.  All in all, the project is expected to cost $150 million and take two to three years to build.

Market Center Partners Proposal 

Market Center Partners is comprised of Kosene & Kosene, Pedcor, and Market Square Equity.  Market Center’s proposal calls for two mixed use high rise buildings, a 21-story and a 15-story, on the north and south side of the street.  The “Towers on Market” will consist of retail on the first floors, rental apartments and parking on floors 2-5, and condominiums on floors 6-21.  The two towers are expected to hold 58,000 square feet of retail space, 240 apartments, and 180 condominiums.  This project has an estimated cost of $130 million and is expected to take 3 years to build.

The Metropolitan Development Commission is expected to makes it decision by July on the two different proposals submitted for the former Market Square Arena.  Whichever one is chosen, the project will more than likely be highly subsidized by the city. 

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