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City officials this morning unveiled plans for a $43 million redevelopment of a prime Mass Ave parcel occupied by the Indianapolis Fire Department. The proposal calls for up to 235 market-rate apartments, 40,000 square feet of first-floor retail space and two levels of parking including underground spaces. A notable feature is a giant electronic-mesh art display at the building's corner. The development team includes J.C. Hart Company, Paul Kite's Strongbox Commercial, and the architecture firm Schmidt Associates. (IBJ.com first reported the selection in a story Wednesday afternoon.) The city plans to contribute $3 million from the downtown TIF district to subsidize parking, along with the 1.5-acre site. The development team is required to put $5.4 million into an escrow account it may draw on to fund construction. If the project stalls, the city would keep the land and cash. Construction is expected to begin in 2014.
(Click image above for a PDF version of the rendering; additional PDF renderings are here and here.) What do you think?