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Market Square project calls for $81 million, 28-story tower

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Flaherty & Collins Properties plans to build a sleek $81 million, 28-story skyscraper on part of the former home of Market Square Arena in what would be the tallest new downtown development since the 34-story JW Marriott hotel opened in 2011.

market square 15col The project calls for 300 luxury apartments renting for between $1,300 and $2,400 per month. (Flaherty & Collins Properties)

The city has agreed to contribute $17.8 million by investing property taxes generated from the project back into the development, which would break ground next spring and be completed by late 2015. The investment would require approval by the City-County Council.

IBJ reported Monday that Flaherty & Collins had been chosen from a field of five developers for the project.

The plan calls for 300 luxury apartments, 500 parking spaces and 43,600 square feet of ground-floor retail space. It would feature a rooftop pool, a green sky window on the tower roof, and apartments with floor-to-ceiling windows and panoramic views of the city renting for between $1,300 and $2,400 per month.

The architect is the Chicago office of Baltimore-based RTKL.

Mayor Greg Ballard and company officials made the announcement early Tuesday at the roughly 2-acre site, which has served as surface parking since the arena's implosion in 2001. Previous attempts to redevelop the property failed in 2004 and 2007, under former Mayor Bart Peterson.

City officials decided to offer only the northern half of the arena site this time around, in hopes a first phase would help drive demand for a second one.
 
Several other big-name local developers floated plans for the MSA site: Keystone Group and Cleveland-based Forest City Enterprises; Browning Investments Inc. and The Whitsett Group LLC; Milhaus Development LLC and REI Real Estate Services LLC; and Barrett & Stokely Inc. and Ryan Companies US Inc.

The Keystone/Forest City proposal called for a tower up to 52-stories tall. A scaled-down, 35-story version of the tower would have cost $118 million to build and required a city subsidy of about $19 million.

The Browning/Whitsett proposal called for a 20-story project costing $114 million and requiring a $20 million city subsidy; and the Ryan/Barrett & Stokely project called for a 23-story building costing $80.5 million with a $21.5 million subsidy.

This story will be updated.

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  • Everyone Bitches
    Every time Indy tries to progress, 99% of the public bitches, cries, and moans like babies. And we wonder why are still thought of as "nap town." My only complaint is that they scaled this project back from a 52-story building to a 28-story building and are still calling it a "signature" building. Nonetheless, a beautiful building, and it's a small addition to adding to our cornfield skyline, but it's an addition.
  • yup
    i love Naptown..thee only place to in my home state actually look at..good addition to the skyline,should be a lil bit taller though.we should be more comparable to minneapolis not louisville or cinncinati
  • Good point!
    Great point. F@C not only gave the best design to fit Indy's skyline, but they needed the least city subsidies (19million) of all the designs even the 6 story one (Yuke!)Plus Im a Democrat but Ballard was smart enough to garner the money for subsidy from the parking garage that is to be built (500 spaces) attached to the tower. Smart move since it will be full all day from the City-County traffic. Moreover from the East view of the city, the tower could only be slightly taller thanthe city county bldg or it would over shadow the skyline.
  • RTKL is a great Design Firm
    I am a native Hoosier who lives in LA. Glad to see the old MSA site getting developed. I know folks are looking to go BIG, but Indy should think "GO BETTER". RTKL is a great firm who deigned L.A. Live and our 717 Olympic condo. The bldg. is magnificent and will really be good for the City of Indy!
  • Free Land?!
    Don't you just love it when developers come to City Hall and say, "Gee, since you're not doing anything with it, why not give it to us so we can make a profit on it"? All property has value, including public property, and public property should go to the highest bidder. When that part's over then you can talk about what's to go on it and who's to pay for it. That used to be called "Business". Ahhhh...the teats of the public udder! And business loves to attach itself to it whenever there's a buck to be made, doesn't it? The City is a "government", not a banker and free land bank for private business. Let's remember that.
    • Great Ideal
      Hey I'm close to the Greenwood area and I love this ideal. Hey I'm just glad they are doing something with this site. I live in the suburbs and I love it but I love to go downtown and I love taking off to Brown County. It's all good. But I'm adaptable :)
    • Wonderful
      The comments on this article are top-notch. I commend Todd from Greenwood on making the world a better place. That being said, this development is about perfect. I really hope the two-ways shown in the renderings are real. Also, enough with jail stuff and the parking stuff. Have you been by the jail? There are a hundred cops around at all times. Have you seen the 5 million acres of surface parking available in the immediate vicinity of this building site?
    • Nice
      It will succeed because it's 9 miles from Greenwood.
    • Battle at the top of Indy
      We appreciate your service John Mason. Good Luck. Now that we have a good man on the inside of "The Square" we need to focus on the streets. As all of you folks in the suburbs know, downtown is controlled by three warring factions of Road Warrior styled armies. If we're going to make Rocket Fizz safe for the good citizens of Indy again we'll need to wrestle control from the their leader Humongous. He rules from a Throne made of wrecked Indycars.
    • Welcome to the Square
      If breaking into Fifth Prison is what you need, I'm your man. I have a unique knowledge of this prison facility. I was formerly a resident here.
    • Renderings
      Indy Star now has the renderings for the other losing proposals posted on their site. The only other one to really look at is the Keystone 52 story proposal. It is a sleek design but I don't think it fits as well with the area as this one. I was really suprised how bland and boxy the other designs were since the city had asked for bold proposals. Really glad F&C submitted this one and for about the same cost.
    • I've got this, Todd
      Get off of my mixed-used development!
    • Todd - Not If I Can Help It
      Todd, Those prisoners (or Hans Gruber) will die hard trying take over this tower. I swear it. John McClain
    • Impressive
      Tom, I'm speechless. You provided these amazing visuals I had never thought were imaginable. I'm also expecting lots of explosions and helicopters. When do you think that takeover will occur? Should you and I stake it out now? I have some pretty nice binoculars that I'd let you use maybe.
    • you have to be kidding me!
      For the city to continue to grow, we need downtown living. Contrary to your greenwood mind, you don't need a yard. It is called "city living". You should try it! It is fantastic!
    • Parking and Retail Anchor
      The other two lots are not going to remain parking. Indianapolis has a plan in motion and they are slowing trying to reduce the surface parking lots at a rate of about 2 per year. As for the parking structure itself, the retail portion (Whole Foods) is only requesting 180 spaces, 90 being on the ground floor; with 1/unit for the rest or the garage it leaves a little fluff.
    • REMARKABLY BAD IDEA
      This will be built a stones' throw from FOUR PRISONS! Terrible idea! And where will everyone park?! Not enough parking! And do you really expect people to live without a yard!?!? What will they do with their lawnmowers?! And when the prisoners escape from the nearby FOUR PRISONS and flee to THIS BUILDING, they will eventually take over the top floor. And once they get that top floor, not even the best S.W.A.T. team in the world can re-take the building without serious casualties! SERIOUS CASUALTIES. The prisoners will disable the elevators and seal the roof entry and stairwells, and BOOM... we basically get a FIFTH PRISON. TERRIBLE IDEA. -Todd
      • @Tom you must be kidding
        Right across the street is a 7 story parking deck... and the remaining two lots are going to remain parking lots. How could there not be enough parking??
        • Anchor Store?
          Is there any indication of who the 'big-box' retail store will be? This was a major component of the original proposals for the site. Maybe a Target?
        • Not enough parking
          I think the plan looks fine, I'm just concerned that the parking won't accommodate enough customers to sustain 43,000 of retail space when most luxury apartment dwellers are going to want a parking spot of their own, or maybe two.
        • ::SIGH::
          ::FACEPALM::
        • CCB is the problem, not the jail
          Agree w/ Miguel whatever his name is. I live and work downtown, and the jail is not a problem (I wish it was elsewhere, but it's not an immediate annoyance). The real problem is the people going to City County to be charged with crimes, etc. The routes between the bus stop and CCB are also dirty. NOt sure I would have placed something this nice on this parcel
        • Great! But right location?
          Absolutely love the design and think this is just what downtown needs. However, as someone who wants to move into a luxury downtown apartment, I don't want to live next to City County. I already have to go there occasionally for work, and it's disgusting just being near it. Move all the criminal stuff to a different building, then this corner of downtown will prosper.
        • Great Design
          I think this is a great project for this area and I really like the design. Yes 52 stories would have been fun to see but as other posts have pointed out, this project is better scaled to this area and a taller tower would fit better closer to the CBD. If this project does well, I would expect additional residential high rise projects to follow. The Axis project F&C is doing now was driven by the success at Cosmopolitan on the Canal. I wouldn't expect anything different in this area as long as demand continues to be strong. Hopefully we will see a Target as part of a mixed use project on the south lots if this does as well as I think it will.
        • @RWH
          "The architect is Dallas-based RTKL."
        • Looks great
          Very impressive! Glad it was a local company. Great looking building. Congrats to Flaherty and Collins and the City.
        • Parking?
          Yes , I know it has 500 spots , but with 300 units and most couples having two cars(even same sex couples, ooh the horror) I wonder what considerations were given to accomodate public parking now used by people going to the CCB. Not saying the devel. proposed is bad, it looks nice and I'm sure it will be. The City is growing , overall thats a good thing.Maybe demo the old courthouse next. Just becuse it's old doesn't mean its useful or practical to keep around. Sorry Grandma.
        • Positive
          Great addition of high-rise living to the downtown housing market. Tower design is contemporary and modern, yet still reserved, which is appropriate. I am curious to learn more about the street-level portion of the project and how it will engage the Cultural Trail.
        • What we need...
          Those making the comments about the jail obviously don't live downtown. I live in this neighborhood and among the things I appreciate being able to walk to are: - Indy Bike hub YMCA - Mass Ave. restaurants, shops, and bars - Sun King brewery - Circle Center mall - Marsh, True Value hardware, dry cleaners - Pacers games - Airport shuttle Now, I can also walk to the jail. But I don't. I have never been to the jail because I have not been arrested or known anyone who needs to be bailed out of jail... probably because I won't get a DUI since I can walk home after drinking! Nobody is going to force you to move downtown, but this new building is going to attract a lot of people who like the idea of being close to the action. Of all the things that we need downtown, more residents is at the top of the list. More residents will bring more retail, more tax dollars, and a better sense of community.
        • Waiting for complaints about Roving Gangs
          You complainers need to find a hobby. Seriously. Complaining that the jail is down the street? Really? This building is downtown! EVERYTHING downtown is reasonably close to the jail!! Let's use your stupid logic for everything. "No one's going to want to go to a Pacer's game near a jail...no one's going to want to go to a Luxury hotel near a jail...NO MAJOR DRUG COMPANY IS GOING TO WANT IT'S HEADQUARTERS NEAR A JAIL!!" AAAARRRRRRGGG!! Hopefully Mayor Ballard will finally get the Indianapolis Prison Planet up and running so we can develop downtown! It's a good looking design by the way...I just wish the announcement hadn't been so close to the jail.
        • Questions
          Lot's of product coming online downtown. With a lot of it on the high side of cost psf. Already concern about downtown Indy before this project. Could get interesting!
        • CSM
          What a great step toward growth and development in Indianapolis. Looking forward to the new site.
        • Love
          I love this rendering and it is just what downtown needs. Hopefully this will inspire some other developments to build up.
        • RE: Jail
          Wow, can we beat a dead horse much? You do know the actual jail is 4 blocks East on Market across the train tracks (hidden from most people's view)? And I assume cities, like NYC, have city county buildings that house their police departments, court systems and other city functioning offices, and I bet you people live next to those. There is not a jail here (yes, people go to court here, big whoop), so people please, can we stop talking about "across the street from the jail". It's across the street from the City Market and IndyHub YMCA. That is something to live next to. And I think people that want to live in the core of a downtown realize this. This isn't the suburbs where everything around you looks like you.
        • Nice Start
          This rendering (which we can't see very well to be honest) seems to be a good start for the project. A 28 floor building on the site is a great addition to the city and is far beyond what could easily have been a 5-10 story apartment complex. It will be interesting to see this project move forward.
        • Taller
          It's gorgeous and definitely great for the city, but I agree I wish it was 5-10 stories taller. This isn't exactly an"skyscraper". Oh well...
        • Re: Jails
          I mentioned before, I wished it could be taller, but I like it overall. About the jails, I agree, it could be a deterrent for some people. That is why the jails and the courts need to be moved to a different location for this part of downtown to truly prosper!
        • Perfect Scale
          The building height and size is perfect for this site. A taller 52 story building should be in the central downtown which I feel is really needed. Indy has a very in significant skyline for a city of this size compared to Charlotte, Austin, Cincinnati. The proposed 28-story building is a good transition to the smaller residential to the east and still add to the skyline. Who is the architect they are using?
          • Not NYC
            $1600-2400 per month for rentals across the street from the jail in Indianapolis? Let me know how that works out for you.
            • The View
              TOO bad these luxury apartments will be overlooking the outdated ugly view of the City County building!
            • Great Pick for Downtown
              It had to be hard to pick from such a great list of local developers to get this job done. Good luck to F&C, home grown company who does a great job!
            • Yes
              Now we're talking...
            • tower
              I wish this were taller. Indy needed something in the 40 story range to truly have an impact on the skyline. I wish we could see what the other propsals looked like, especially the 52 story one.
            • Great Stuff!
              This is great stuff. Finally, something interesting in downtown! This will definitely be a great addition to the Indianapolis skyline.
            • FINALLY!!
              Now let new skyscrapers into the mix.
            • Whoa
              THIS is what downtown needed. Amazing. Cannot wait to see it completed.

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