Without Sen. Richard Lugar, we might not have the Pacers.
A community development corporation linked to the city of Indianapolis has bought the 1.87-acre parking lot that borders the former Market Square Arena site, a move that some say could be the catalyst to finally redeveloping the entire vacant site.
The city of Indianapolis is finally poised to close, after three years of twists, a complex redevelopment deal on the 1,600-space former Bank One parking garage.
Four properties for sale along a two-block stretch of East Market Street downtown are likely to offer the first signs of what’s
in store for an area real estate brokers think will get a boost from the recent removal of the Market Street interstate ramp.
The Indianapolis Metropolitan Development Commission approved a 10-year tax abatement Wednesday afternoon for a controversial
public-private plan to redevelop a vacant downtown office building.
The Capital Improvement Board could be forced to give up one of its most profitable assets so the city can pull off a $65-million
public-private downtown development deal. The city has agreed to help a developer revitalize the vacant former Bank One operations
center in part by acquiring an adjacent
parking garage for $18.5 million.
A $65 million public-private plan for the redevelopment of a vacant downtown office building is raising eyebrows for its unusual
approach and potential risk to taxpayers. The plan calls for a private developer to acquire the former Bank One operations
center, surface parking lots and an adjacent
parking garage from a private owner for $18.5 million, then sell the 1,680-space garage to the city for $18.5 million.
With the Nov. 6 mayoral election looming, Mayor Bart Peterson seems content to wait for a third term to choose who will redevelop
the Market Square Arena site. He’s willing to put off the opportunity to wipe past failures clean in large part because the
political climate has changed.
Two new proposals for the parking lot formerly known as Market Square Arena are shorter and less dramatic than plans for a
31-story tower that fell through last year. But each of the new sets of plans has its flourishes.
A who’s-who of local firms is planning bids to redevelop the Market Square Arena site with mixed-use projects that would depart
sharply from previous efforts focused on residential. New plans are expected to include retail , offices, apartment units
and condos backed by high-profile local developers that didn’t bid before.
When Mayor Bart Peterson announced Aug. 31 that the efforts of a partnership to build condominium towers on the former Market Square Arena site had failed, he gave his administration 60 days to put together another deal. Peterson’s vision: Hold onto the concept of a residential tower, but add “significantly more retail.”