Plans have been announced for a project o transform Indianapolis City Market East and Gold Building into a mixed use development. The plans were revealed by Citimark, a vertically integrated commercial real estate company specializing in acquisitions, development and asset management, and Gershman Partners.
The $175 million project will include the reskinning and redevelopment of the 47-year-old 20-story Gold Building at 151 E. Ohio St. into a 350-unit residential tower with a new facade made of transparent, modern glass; and the construction of a $40 million, 11-story apartment tower on the site of the demolished City Market’s 45-year-old east wing.
The structure will have 60 multifamily apartments, 8,000 square feet of office space, and 22,000 square feet of retail space. The main City Market structure will be expanded with the erection of a 10,500-square-foot glass enclosure on the plaza along East Market Street.
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Additional works for the Indianapolis City Market East and Gold Building
Additionally, US$30 million will be spent on ongoing improvements to the 11-story 251 E. Ohio St. building next to the market’s east wing, which will include upgrades to the lobby, mechanical systems, and elevators, as well as converting the 220,000-square-foot structure from a Class C to a Class A office building; $12 million will be spent on improvements to the parking garage adjacent to the office building, including $4 million in ongoing repairs to mechanical systems and elevators, and improved lighting.
New external ornamental screening on several of the building’s facades will also be installed, as will new public art along Wabash Alley. The 530-space garage will service the block’s office and residential tenants.
City authorities selected Gershman and Citimark’s idea after a months-long call for bids procedure. The winning idea was chosen over two other plans made by local developers TWG Development and Flaherty & Collins.