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Market Square Arena Site Development Looked At

Last updated on Thursday, April 19, 2007

(INDIANAPOLIS) - The former site of Market Square Arena could soon be the home of a Target store and condos.

Two proposals were submitted Wednesday to develop the site.

A proposal by Market-Ability includes a 14-story tower with condos, plus the department store. The other proposal, by Market Center Partners, includes two towers--a 21-story tower and a 16-story tower. Market-Ability's plan includes 200 condos. Market Center's proposes four floors of apartments, with 240 units, plus 180 condominiums.

The Metropolitan Development Commission will hold public hearings on the proposals sometime in June. A decision will likely be made on which plan to use by the end of July.

The city put the site back up for review after previous investors failed to secure financing for the project. MSA was imploded on July 8, 2001.

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