Indianapolis council backs tower for ex-arena site

INDIANAPOLIS (AP) - Construction could start in the coming months on a curved 28-story glass tower at the long-vacant site of the former Market Square Arena in downtown Indianapolis.

The Indianapolis City-County Council voted Monday night to approve providing up to $23 million in city financing for the estimated $81 million building with apartments and retail space.

The site on the eastern edge of downtown has been parking lots since the arena was demolished more than a dozen years ago. The tower is to have ground-floor retail space, 300 apartments and a 500-space parking garage.

The councils 18-9 vote to approve the subsidy came after several council members argued that the city had more important needs, such as hiring additional police officers.

We are taking millions of taxpayers dollars and handing it over to a developer, Democratic Councilwoman Angela Mansfield said. If there is such a need for this (project), the market should be driving it.

The development would be backed by a combination of public and private money, with the city agreeing to contribute funding from a bond sale and land for the project appraised at $5.6 million.

Republican Mayor Greg Ballard said the project will help make the city a more attractive to place to live.

I look forward to signing the proposal passed by the council and getting construction started on this project this summer, Ballard said in a statement.

Deron Kintner, the citys economic development director, said developer Flaherty and Collins would begin preparing for construction immediately.

They would move as fast as possible, which means breaking ground in a couple months, Kintner said. They would want to get it started this construction season.

Follow this link:
Indianapolis council backs tower for ex-arena site