A $130-million retail and residential complex with two towers on either side of Market Street is one of the proposals expected
today for redevelopment of the Market Square Arena site. Proposals are due at noon.
The project pictured here would include 180 condo units, 240 apartments, 68,000 square feet of retail space and 880 parking spaces. It is being proposed by a partnership of Kosene & Kosene Residential Inc., Pedcor Cos. and Market Square Equity LLC, which includes Lewis Smoot of Smoot Construction Co., the Ohio-based company that previously tried to develop the site. Smoot owns six acres adjacent to the site, including a parking garage, that could be developed as part of the plans. The project was designed by New York-based Ehrenkrantz Eckstut & Kuhn Architects.
The project pictured here would include 180 condo units, 240 apartments, 68,000 square feet of retail space and 880 parking spaces. It is being proposed by a partnership of Kosene & Kosene Residential Inc., Pedcor Cos. and Market Square Equity LLC, which includes Lewis Smoot of Smoot Construction Co., the Ohio-based company that previously tried to develop the site. Smoot owns six acres adjacent to the site, including a parking garage, that could be developed as part of the plans. The project was designed by New York-based Ehrenkrantz Eckstut & Kuhn Architects.
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While on its face, the Target store seems to be a selling point for the competing proposal, when it comes down to it, if Target desires to locate in this area, I’m sure the Kosene party would gladly tweak their plan to accommodate the store. Assuming that’s the case, I believe the Target store becomes a mute point in the decision.
I encourage the decision-makers in the Mayor’s office to take the time to thoroughly investigate each developer’s project history and I believe you’ll walk away with the same level of respect for the Kosene product that I’ve come to embrace.
Everyone is getting too caught up in the fact that Target is a part of the Market-Ability Partners proposal. From what i can tell from the renderings, the Target structure would essentially be separate from the rest of the development (meaning no residential/office above). If this is the case, the City or another developer could do a deal directly with Target and find a more appropriate site dowtown.
Why do Kosene properties cost less per square foot than any other upscale properties downtown? Because they are not truly upscale properties, they are just marketed as such.
I assume Joe by what you say that you do not believe that Market Square should be developed by anyone. No developer is going to meet the city's demands without the city paying for it. Of course Kosene doesn't believe in highrise downtown living in Indianapolis, neither does anyone else which is evidenced by the fact that only 2 developers bid on the most lucrative piece of residential property downtown and both said that the project is only feasible with subsidies. That is why the project has to be subsidized by the city no matter whether Kosene or Hearthview develops the site. I can guarantee you that if the city did not require the property be a high rise neither Kosene nor Hearthview would propose one.