Indianapolis to announce plans for Market Square Arena site

The former Market Square Arena site
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The City of Indianapolis is planning to unveil a project for the long-vacant Market Square Arena site.

The land up for redevelopment is a nearly two-acre parcel at Alabama and Market Streets. It's been a parking lot since the arena was imploded in 2001. Previous plans to develop the site were pitched in 2004 and 2007, but never got off the ground.

The city put out a call for bids in March 2013, and now it appears the mayor is ready to announce a decision. City leaders will make the announcement Tuesday at 10:00 am, and Eyewitness News will be there.

The project is likely to be a mix of residential and commercial development.

In April, Eyewitness News interviewed a developer who proposed a 52-story skyscraper.

The mayor's office says they're looking for new development on the site that adds "architectural significance" to the city's skyline.

Chase Tower, the city (and state's) tallest building at 49 stories, was built in 1990. The One America building at 38 stories is the second tallest and was built in 1982. The third tallest is One Indiana Square at 36 stories and was built in the 1970s.