INDIANAPOLIS — On Monday night, the Indianapolis City-County Council took another step toward completing the $175 million redevelopment project for the City Market campus.
Last June, developers announced a new plan to revitalize the block.
Monday’s proposal asked for $12.3 million in TIF funds along with changing the lease structure in order to create a partnership with a private developer.
“We’ve been investing in some big Market East projects over the last few years with Market 360 and the Whole Foods and the Cummins Project, but this is such an anchor to the east side of downtown and the Market East District,” said Scarlet Andrews, deputy mayor of economic development.
The city joined Gershman Partners and Citimark for a partnership to redesign the area.
The project includes demolishing the east tower of City Market and replacing it with an 11-story, 60-unit family living space. The tower will also include 8,000 square feet of office space and 22,000 square feet of retail space.
Developers also plan to transform the city’s gold building at 151 Delaware St. into a 350-unit multi-family housing tower. Altogether, that would make the project the highest-density housing block in the state.
On top of that, $52 million will go toward improving the office space and parking garage at 251 E Ohio St. and the Wabash Alley.
“For the market itself, it has to have a captive audience, which is people that are there every single day, whether they are living there or are working here close by. So, thinking about the future of the market and having people live there is absolutely critical on that block,” Andrews said.
Andrews said even though more people are working remotely, there is still a huge demand to live downtown. She said the properties will include luxury and affordable units.
“Bringing more housing to that block and really leaning into downtown as a growing neighborhood is what we are trying to do,” she said.
The plan is to start construction sometime later this year.
The Council’s Metropolitan and Economic Development Committee will hear this proposal on Jan. 23, 2023.