INDIANAPOLIS, Ind. (May 18, 2015) - Problems are plaguing a major downtown development. Officials insist the Market Square development, soon to be the home of a new 28-story high rise apartment, will be completed on time.
Trouble finding financing, contaminated soil and rising construction costs are among the concerns. The Market Square tower is seeing some speed bumps in its development. Officials say that in two years it will be the newest addition to the Indy skyline.
Construction continues on the Market Square downtown development. It’s soon to be home to a 28-story luxury apartment building, a Whole Foods supermarket and new retail space. But the work there has had recent setbacks.
Rising costs have put the project price at $121 million, a far cry from the original $80 million estimate. Contaminated soil at the site has popped up. Both issues are problematic for a site the city is banking on being a success.
“This whole area in two years will be completely different than it is right now,” said Mayor Greg Ballard (R – Indianapolis) at the project’s groundbreaking in February.
There are concerns now though that holdups are putting the project on the back burner.
“There’s no question this project’s going to happen,” said Bob Schultz, Senior Vice President of Marketing for Downtown Indy.
City officials, developers and organizations like Downtown Indy are committed to seeing the project through completion for a spring 2017 opening.
“There’s a lot of sausage making that goes into the details from concept, all the way to groundbreaking, all the way to ribbon cutting, and so that process is not unlike any other process that unfolds,” said Schultz.
The Market Square project is a part of a growing trend in downtown development. In 2011, there were 4,400 apartment units downtown. In 2016, there will be 8,200.