Ground-breaking held Wednesday for Market Square Arena site

Ground-breaking took place Wednesday for a new development on the former Market Square Arena site in downtown Indianapolis. The project will be known as 360 Market Square.

Flaherty & Collins Properties announced plans Monday to break ground on the 28-story, $121 million mixed-use luxury residential apartment tower on the north parcel of the former site of Market Square Arena. The tallest part of the development will be 300 feet tall, and it includes a 40,000-square-foot Whole Foods Market.

"What we're doing is helping create a vision for Indianpolis where we gave a walkable, bikeable, sustainable and connected downtown, and what's helping to drive that is our tower. It won't be a typical high rise you might see in another city. With its curves, sleek architecture, it's a game-changer," said David Flaherty.

The ceremony was heled at Market and Alabama Streets in downtown Indianapolis. Mayor Greg Ballard and City-County Councilman Vop Osili attended. The parking lot is now closed off. 

"As you know this has been a long time coming on this site. It's very significant to have this spot filled up. It will certainly help downtown significantly," said Mayor Ballard.

The project, which is expected to take about two years to complete, will employ around 800 workers, and under a deal struck by the City-County Council, 30 percent (about 180) of them must be from Marion County.

Project organizers say 360 Market Square will dramatically change the east side. It's one of several developments that city leaders hope will revitalize a struggling neighborhood. Other projects slated for downtown are the new Cummins headquarters and a transit center.

"One of the things we have seen in Indianapolis as a result of projects like this is that 50 percent of the residents come from either out of county or out of state," said Adam Collins, deputy mayor of economic development. "So that adds a significant impact on Indianapolis' ability to attract talent and to bolster our revenues as well."

About the project:

The development consists of 292 luxury one, two and three-bedroom apartment residences with floor-to-ceiling glass, solar shades, quartz countertops in kitchens and baths, gourmet kitchens with energy efficient appliances that include side-by-side refrigerators and recessed balconies. Select units will include private terraces.

The plan includes a Sky Terrace at the top level with panoramic views of downtown Indianapolis. A fifth level amenity deck will offer a resort-style heated saltwater pool with sundeck and cabanas, aqua lounge, elevated bark park with pet grooming area, Sport Court and Great Lawn, an outdoor kitchen, fireside lounge and grilling areas with a view of Monument Circle.

Residents will also have access to a 24-hour, state-of-the-art fitness center, resident lounge and clubroom with billiards, wine storage, business center, Wi-Fi throughout common areas, electric car charging stations, controlled building access, garage parking, secured bike storage and bike repair shop. Concierge services will include dry cleaning and laundry drop off service.

The project, at 648,561 square feet, will have an additional 2,000 square feet of retail space and a 600-space parking garage.