A former banking operations center near where Market Square Arena once stood would be redeveloped into mid-rise apartments and retail space under a plan that comes before Indianapolis officials this week.
The Metropolitan Development Commission will hold a hearing on the $65 million proposal Wednesday.
Market Square Garage/Ops Partners LLC plans the development at the long-vacant former Bank One operations center, which occupies a full city block downtown.
As part of the deal, the city would pay $18.5 million to buy an adjacent parking garage formerly operated by Bank One. The developer also would receive a 10-year property tax abatement worth about $6.6 million.
A proposed agreement calls for the project to start within 12 months and be mostly complete within 30 months.
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