Downtown’s new 360 Market Square apartment tower is leasing up nicely, but the $120 million project continues to be plagued by legal disputes related to its construction.
Tens of millions in spending, along with unforeseen events, have drained the TIF’s unrestricted cash balance—money left to fund extra projects after covering debt and reserves.
Flaherty & Collins, which is wrapping up its $120 million 360 Market Square apartment project in Indianapolis, has reached a development agreement for a $75 million mixed-use project in the Cleveland suburb of Cleveland Heights.
Even with the completion of 360 Market Square, a $120 million, 27-story mixed-use luxury apartment tower, Christopher Kirles doesn’t have much time to rest: Flaherty & Collins has $500 million in projects in the works.
The local developer has modified its plan and wants to build an affordable senior housing project on the far-east-side church property instead of in the church itself.
The effort, launched in late 2014, aims to mix private-sector investments with federal tax money to spark residential and commercial activity in five targeted Indianapolis neighborhoods.
Downtown Indy is encountering resistance from some big property owners to its plan to create an economic improvement district that would raise about $3 million annually through a fee.
Four projects totaling about $85 million, including three already under construction, will bring apartments, offices and retail space to a key stretch of Green Street.
Some onlookers have noticed a difference between renderings for 360 Market Square and what’s being built atop the apartment tower. It turns out the developer has switched a prominent material.
The J.F. Wild Building on East Market Street, a vacant tower recently restored with a $7 million rehab, now has occupants for about half of the building.
The Mile Square is set to get another jolt of Seattle-based caffeine. Meanwhile, a sign on the door at Mo’s gives no indication as to when the steakhouse might reopen.
The $120 million building will become yet another signature structure in the new Market East district, a section of downtown that until recently featured a sea of parking lots and ramshackle buildings.
Although the largest units in 360 Market Square will top out at more than $2,000 a month, the rates compare favorably with other new downtown projects, according to one apartment expert.
