A major downtown redevelopment project is getting the green light.
Back in January 2022, we told you the Department of Metropolitan Development was looking for developers to submit redevelopment proposals for City Market’s core structure, which has been around since 1886.
In a Monday night meeting, the Indianapolis City-County Council approved $18.8 million to redevelop the Gold Building, the adjacent office building, and City Market East.
Local firms Gershman Partners and Citimark are redeveloping the city block, which is estimated to cost around $180 million.
The first phase of the project involves converting the 400,000-sqft Gold Building — which currently houses the county public defender offices — into 340 apartments, with most units at market rate and 20-40 affordable units. The street level of the building will include a nearly 6,000-sqft retail space, bar or coffee shop, lounge, and bike room. Construction on the Gold Building could start as early as this summer.
Another part of phase one will include upgrading the 530-space parking garage and 200,000 sqft of office space at the adjacent office building (251 E. Ohio St.). Work on the East Ohio building is already underway.
The second phase of the project — focused on the previous site of downtown’s Bicycle Garage Indy location — will involve improvements and an expansion of the building with the demolition of the east wing and the construction of an 11-story, 60-unit apartment tower in its place.
The project will also include 28,000 sqft of retail (both pop-up and permanent tenants) and 8,000 sqft of office and civic space.