INDIANAPOLIS — In support of the effort to redevelop the City-County Building Plaza into active and dynamic public space, Lilly Endowment Inc. has awarded the Indianapolis-Marion County Building Authority, the operator and owner of the plaza, a $5 million grant. This grant is subject to the City of Indianapolis providing matching funds of at least $5 million for the project’s construction. The plaza, which is deteriorating and suffers from water damage, has been identified as having great potential as a public space in downtown’s new Market East District. The construction budget for the project is estimated at $8 million with design, engineering, programming and other management costs comprising the remaining $2 million dollars.
The City will request $5 million in tax increment funds from the Metropolitan Development Commission to complete the project and create a robust plaza, featuring an interactive fountain, outdoor seating and pavilion spaces, small sport court spaces and even a seasonal ice skating rink.
With more than $350 million dollars in new investment planned and approved by 2018, the Market East District represents Indianapolis’ newest downtown destination. By 2018, the district will include 150,000 square feet of new retail space, a transportation center, the Cummins Distribution division corporate headquarters, 900 residential units and a 21c Museum Hotel and Cultural Arts Center in Old City Hall.
Should full funding be secured by July 1, it is anticipated that construction could begin in late 2015, with substantial completion in late 2016 and final completion in early 2017.
