The building, which will include a 10-story office tower with 15,000 square feet of retail on the first floor and significant public green space, will be built on four acres where Market Square Arena stood.

A collaboration of not-for-profit community development corporations, or CDCs, has released a plan targeting four sections of the street, from Interstate 65 to Sherman Drive, that could be transformed in the next five to seven years.

Preservation group Indiana Landmarks kicked off the public portion of its $25 million capital and endowment campaign Thursday evening, entering the homestretch of a fundraising effort that began in 2010.

LISC, a not-for-profit lender, says it has not received any payments on its $515,265 construction loan since Jan. 1, 2011, and is owed more than $228,000.

The city plans to open police-and-fire hubs in two former IPS schools, retrofit an Eastgate mall department store into an Emergency Operations Center, and build at least two fire stations.

Indianapolis officials are exploring turning the former Central State Hospital into a 150-acre sports complex that could include facilities for everything from soccer and baseball to tennis and ice skating.

Historic Landmarks' endowment is down sharply, but executives believe they can afford to take on the cultural-events-center project.