{"id":1004092615,"date":"2014-03-12T14:11:33","date_gmt":"2014-03-12T22:11:33","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=245314"},"modified":"2020-04-01T06:33:59","modified_gmt":"2020-04-01T14:33:59","slug":"city-committee-green-lights-81m-msa-apartment-tower-project-in-indianapolis","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/city-committee-green-lights-81m-msa-apartment-tower-project-in-indianapolis\/","title":{"rendered":"City Committee Green Lights $81M MSA Apartment Tower Project in Indianapolis"},"content":{"rendered":"<p><!--[if gte mso 9]><xml><br \/>\n<o:OfficeDocumentSettings><br \/>\n<o:AllowPNG\/><br \/>\n<\/o:OfficeDocumentSettings><br \/>\n<\/xml><![endif]--><\/p>\n<p><!--[if gte mso 9]><xml><br \/>\n<w:WordDocument><br \/>\n<w:View>Normal<\/w:View><br \/>\n<w:Zoom>0<\/w:Zoom><br \/>\n<w:TrackMoves\/><br \/>\n<w:TrackFormatting\/><br \/>\n<w:HyphenationZone>21<\/w:HyphenationZone><br \/>\n<w:PunctuationKerning\/><br 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Name=\"Book Title\"\/><br \/>\n<w:LsdException Locked=\"false\" Priority=\"37\" Name=\"Bibliography\"\/><br \/>\n<w:LsdException Locked=\"false\" Priority=\"39\" QFormat=\"true\" Name=\"TOC Heading\"\/><br \/>\n<\/w:LatentStyles><br \/>\n<\/xml><![endif]--><!--[if gte mso 10]><\/p>\n\n\n\n\n<style>\n \/* Style Definitions *\/\n table.MsoNormalTable\n\t{mso-style-name:\"Table Normal\";\n\tmso-tstyle-rowband-size:0;\n\tmso-tstyle-colband-size:0;\n\tmso-style-noshow:yes;\n\tmso-style-priority:99;\n\tmso-style-parent:\"\";\n\tmso-padding-alt:0cm 5.4pt 0cm 5.4pt;\n\tmso-para-margin-top:0cm;\n\tmso-para-margin-right:0cm;\n\tmso-para-margin-bottom:10.0pt;\n\tmso-para-margin-left:0cm;\n\tline-height:115%;\n\tmso-pagination:widow-orphan;\n\tfont-size:11.0pt;\n\tfont-family:\"Calibri\",\"sans-serif\";\n\tmso-ascii-font-family:Calibri;\n\tmso-ascii-theme-font:minor-latin;\n\tmso-hansi-font-family:Calibri;\n\tmso-hansi-theme-font:minor-latin;\n\tmso-fareast-language:EN-US;}\n<\/style>\n\n\n\n\n<p><![endif]--><\/p>\n<p class=\"MsoNormal\"><em style=\"mso-bidi-font-style: normal;\"><span lang=\"EN-US\"><a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2014\/03\/Market-Square-Tower-in-Indianapolis.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-medium wp-image-245315\" title=\"Market Square Tower in Indianapolis\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2014\/03\/Market-Square-Tower-in-Indianapolis.jpg\" alt=\"\" width=\"300\" height=\"207\" \/><\/a>by Adriana Pop, Associate Editor <\/span><\/em><\/p>\n<p class=\"MsoNormal\"><span lang=\"EN-US\">Plans are moving forward for the $81 million, 28-story, apartment high-rise Flaherty &amp; Collins Properties intends to build on a portion of the former Market Square Arena (MSA) site in downtown Indianapolis. <\/span><\/p>\n<p class=\"MsoNormal\"><span lang=\"EN-US\">According to the <em style=\"mso-bidi-font-style: normal;\"><a href=\"https:\/\/www.ibj.com\/committee-urges-hiring-commitment-for-81m-msa-tower-project\/PARAMS\/article\/46464\" target=\"_blank\" rel=\"nofollow\">Indianapolis Business Journal<\/a><\/em>, the City-County Council\u2019s Metropolitan and Economic Development Committee recommended to the full council that the project be approved.<\/span><\/p>\n<p class=\"MsoNormal\"><span lang=\"EN-US\">The recommendation includes a hiring requirement, according to which 30 percent of the workers building the tower must live in Marion County, <\/span><\/p>\n<p class=\"MsoNormal\"><span lang=\"EN-US\">According to David Flaherty, CEO of Flaherty &amp; Collins, the company will be able to attain this hiring goal.<\/span><\/p>\n<p class=\"MsoNormal\"><span lang=\"EN-US\">\u201cWe have a very good track record of hiring locally and training locally,\u201d he told the newspaper. <\/span><\/p>\n<p class=\"MsoNormal\"><span lang=\"EN-US\">The committee also proposes that the city provide a 25-year, $23 million bond for the project. $17.5 million of these funds would directly finance construction, while the remainder would be set aside for unexpected expenses. The city is also contributing the land which has been appraised at $5.6 million. <\/span><\/p>\n<p class=\"MsoNormal\"><span lang=\"EN-US\">If approved under its current form, the Market Square Tower, which has been designed by Dallas-based RTKL, would be among the 10 tallest buildings in Indianapolis. At 370 feet, the high-rise would also rank as the tallest apartment building in the city. <\/span><\/p>\n<p class=\"MsoNormal\"><span lang=\"EN-US\">Plans call for 300 luxury apartments, 500 parking spaces and 43,600 square feet of ground-floor retail space. Rents for the new residences are expected to range from $1,300 to $2,400 per month.<\/span><\/p>\n<p class=\"MsoNormal\"><span lang=\"EN-US\">The developer expects to begin construction in the next few months and complete the project by the end of 2015.<\/span><\/p>\n<p class=\"MsoNormal\"><span lang=\"EN-US\">Last July, the city selected Flaherty &amp; Collins\u2019 project out of a total of six development proposals. The other teams vying to redevelop the former MSA site were Keystone Group and Cleveland-based Forest City Enterprises Inc.; Buckingham and Kite Realty Group; Browning Investments and The Whitsett Group; Milhaus Development and REI Real Estate Services LLC; and Barrett &amp; Stokely Inc. and Ryan Companies U.S. Inc.<\/span><\/p>\n<p class=\"MsoNormal\"><em style=\"mso-bidi-font-style: normal;\"><span lang=\"EN-US\">Photo credits: Flaherty &amp; Collins Properties<\/span><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Plans are moving forward for the $81 million, 28-story apartment high-rise Flaherty &amp; Collins Properties intends to build on a portion of the former Market Square Arena (MSA) site in downtown Indianapolis.<\/p>\n","protected":false},"author":260,"featured_media":1004506034,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1590,21742],"tags":[1815],"class_list":["post-1004092615","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-indianapolis","category-latest","tag-national"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>City Committee Green Lights $81M MSA Apartment Tower Project in Indianapolis - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/city-committee-green-lights-81m-msa-apartment-tower-project-in-indianapolis\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"City Committee Green Lights $81M MSA Apartment Tower Project in Indianapolis\" \/>\n<meta property=\"og:description\" content=\"Plans are moving forward for the $81 million, 28-story apartment high-rise Flaherty &amp; 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