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Expect New 28-Story Tower in Downtown Indianapolis by 2015

A sleek, 28-story tower will add its own distinctive flare to the downtown Indianapolis skyline on part of the land formerly occupied by Market Square Arena.

Flaherty & Collins Properties, a local Indianapolis developer responsible for 3 other finished projects in the Indianapolis area, will build the $81 million complex which was designed by the Dallas-based architectural firm, RTKL.

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The yet-to-be-named, crescent-shaped structure will be made of reinforced concrete and will gleam in the sunlight with its metal and glass façade. When complete, it will house 300 luxury apartments, some of which will offer floor-to-ceiling windows and panoramic views of the city. Residents will enjoy a rooftop pool and a green sky window at the top of the tower. The upscale apartment units will average 875 square feet and will rise higher than any other apartments in the city when construction is complete in late 2015.

The plan also calls for approximately 500 parking spaces in addition to 43,600 square feet of ground-floor retail space.The developer hopes to find one single tenant to occupy the ground floor. Apartments are projected to rent for between $1,300 and $2,400 per month.

The city of Indianapolis will kick in close to $18 million in the form of issued bonds, which will be repaid using an estimated $1.3 million in annual tax revenues generated by the project over 25 years.

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“This project is going to do much more than just add another building to our skyline,” Ballard said. “This is really an announcement that reinforces that Indy is a great place to live and we have whatever type of housing you want. This project will alter the way people view Downtown Indy living,” said Mayor Greg Ballard.

The Flaherty & Collins proposal beat out several others, including one that called for a $118 million, 52-story tower that would have become the city’s largest building. Several factors contributed to this, including the fact that the Flaherty & Collins proposal called for fewer incentives from the city than all but one proposal. And then there is the fact that the building’s rounded-corner design will be more energy efficient as well, by allowing more of the building to be enclosed within less surface area.

One thing’s for sure, the tower represents a vastly improved use of the 2-acre site, which has been used for parking since Market Square Arena was imploded in 2001.