by Adriana Pop, Associate Editor
Columbus, Ind.-based engine manufacturer Cummins Inc. is planning the construction of its new global distribution headquarters on a four-acre portion of the former Market Square Arena (MSA) site in downtown Indianapolis.
City and company officials announced the $30 million office project on March 26, the Indianapolis Business Journal reported. Cummins will purchase the site of the development for $4.3 million from the City, which will support the project by investing $3.3 million in infrastructure improvements and parking and by cutting 70 percent of the development’s property taxes for a period of 10 years. Construction is expected to begin this year.
Upon completion in 2016, the new mid-rise building will have the capacity to host up to 400 employees. Plans also call for ground floor retail, a training center and public green space on the block bordered by Market, Alabama, Washington and New Jersey Streets.
At the moment, the company has about 100 employees in two multi-tenant office buildings in Indianapolis, which it plans to consolidate to the new building. Another 125 to 150 employees will be transferred from Columbus, which will continue to serve as Cummins’ global corporate headquarters.
“Targeting the Market Square Arena site for its new headquarters, Cummins will add to the landscape and vibrancy of this area of downtown that, until recently, has been underutilized. This infusion of talent will make us more attractive to new companies, jobs, and residents alike,” Indy Chamber CEO Michael Huber said in a prepared statement.
“Cummins is a well-respected global leader in technology and innovation,” added Mayor Ballard. “Locating the global distribution headquarters of a Fortune 500 company downtown will bring new people, visitors and recognition to Indy as a worldwide economic center.”
Flaherty & Collins Properties is also building at the site of the former MSA. Just to the north, across Market Street, the company will be developing an $81 million, 28-story luxury apartment project with 300 units. Construction on the proposed high-rise is scheduled to begin in May.
Photo credits: cummins.com