A key downtown Indianapolis city block will be transformed, and plans include more housing.
The historic City Market will remain unchanged, the Gold Building will receive an overhaul, and a new mixed-use apartment building will replace City Market East.
The Department of Development, DMD, put out a request for proposals earlier this year with a focus on the property that now houses the bike hub. A new 11-story building there will bring 60 apartments, office, retail, and greenspace.
DMD Director Scarlett Andrews said the winning proposal went beyond.
“A comprehensive redevelopment of the entire block and that ultimately was very attractive to us in thinking about the future of the market and how the City Market itself can be an anchor,” Andrews said.
Gershman Partners and Citimark won the bid and will head the project. The changes include the nearly 50-year-old Gold Building. It will receive a new “skin” and build 350 multi-family housing units and office space.
The cost of the project is expected to exceed $275 million.
Andrews said the city block in the quickly changing Market East District downtown aims to offer more vibrant work, live and play options.
“In the post-COVID environment I think we’re seeing that there’s different types of demand for housing and for office now,” Andrews said.
The city of Indianapolis will retain ownership of the land.
The plans include the renovation and activation of existing alleys. It also retains a bike-hub element.
DMD and developers will propose public financing measures to the Indianapolis City-County Council for the redevelopment project. Any proposal will likely include affordable housing allocations.