Examining the $175M plan for downtown’s City Market block

The city has endorsed a $175 million proposal from two Indianapolis-based developers to significantly recast the entire block that contains the Indianapolis City Market.

The proposal from Gershman Partners and Citimark included the following: A $90 million redevelopment of the Gold Building (which is the 9thlargest office complex downtown) into an apartment building with 350 units and an entirely new façade with a darker, more neutral color.

Next up: Construction of a $40 million, 11-story apartment building with 60 units, plus office and retail space, on the site where the market’s east wing currently sits. Next, $30 million in ongoing improvements to the 11-story office building at 251 E. Ohio, and $12 million in improvements to the parking garage that’s between 251 E. Ohio  and the Gold Building, which are all on the northern half of the block.

For this week’s edition of the podcast, host Mason king talks with Scarlett Andrews, director of the Indianapolis Department of Metropolitan Development, and Eric Gershman, principal at Gershman Partners, about the project and the timeline.