Indianapolis Announces Creation of New Cultural District
During a press conference held on April 16, the City of Indianapolis unveiled its plans of creating the Market East District, a new cultural district centered on the new developments at and around the former Market Square Arena site in the city’s downtown.
According to the Indianapolis Business Journal, the area is currently experiencing significant construction activity, including the $81 million, 28-story Market Square apartment tower north of Market Street (pictured), the $62 million Artistry apartment project at the former Bank One Operations Center, the $30 million global distribution headquarters for Cummins Inc. and the $20 million transit hub for IndyGo bus routes on the south side of Washington Street.
Indianapolis officials hope that Market East will become similar to the city’s other six cultural districts, including Broad Ripple Village, The Canal and White River State Park, Fountain Square, Indiana Avenue, Mass Ave and Wholesale District.
“As we see in our other great cultural districts, urban residents want unique places to live, work, shop and dine,” Mayor Greg Ballard said in a prepared statement. “Market East will be an area of architectural and urban planning excellence that will help Indy attract new people and companies to this thriving area of downtown.”
And since the current plaza bordering Washington Street is deteriorating, the City has also launched a competition for the redesign of the plaza at the City-County Building. Through its Inspiring Places Initiative, the Central Indiana Community Foundation is supporting the contest with a $50,000 grant.
In other news, the Inside Indiana Business reports that the Indiana University Research and Technology Corp. is planning to sell its 63,000-square-foot Innovation Center building on 10th Street in Indianapolis and relocate to a repurposed building on the site of the former Wishard Hospital. The facility is part of the Indiana University-Purdue University Indianapolis campus.
“IU has exciting plans to transform the Wishard site into a hub of medical and scientific discovery, and moving to that location will allow us greater collaborative opportunities with faculty and students engaged in cutting-edge research,” IU vice president for Engagement William Stephan said in a news release.
Photo credits: Flaherty & Collins PropertiesTags: Artistry apartment, Brokers, Commercial, Consumer, Conventional - Market Rate, Cummins Inc., Developers, Development, economy, Finance/Investment, Indianapolis Lead Story, IndyGo, Investors, leasing, Local, luxury, Managers, Market East District, Market Square Tower, mixed-use, multi-family, Municipal, National, Office, operations, Owners, Policy, Professional, property management, Regional, Residential, University Research and Technology Corp.