Locally based Flaherty & Collins Properties plans to build retail and residential space on land that surrounds two downtown public housing towers.
The company was picked this month by the Indianapolis Housing Agency from five contenders vying to help better integrate the concrete John J. Barton and Lugar Tower buildings into the surrounding neighborhood.
The parties still must negotiate a development agreement, which would include details such as the price for three parcels. The properties include a triangle-shaped parcel on Massachusetts Avenue in front of the 21-story Barton, built in 1967, and small pieces on East Street and Fort Wayne Avenue on either side of the 15-story Lugar Tower, built in 1974.
Flaherty has been working on plans for four floors of market-rate apartments over first-floor retail for the Barton property, which is sandwiched between the Murat Theatre, the Athenaeum and an Indianapolis Fire Department station. The Lugar Tower parcels likely would be developed as residential only.
Flaherty recently restarted construction on another downtown project, the $33 million Cosmopolitan on the Canal. That project was badly damaged by a March fire authorities say was arson.