The original home of the NBA's Indiana Pacers, Market Square Arena was imploded on July 8, 2001. The Pacers now play in Conseco Fieldhouse, a few blocks to the south and west.

When plans were announced for Market Square Arena in 1971 it was to have also included two 12-story office towers. These were never built.

Market Square Arena occupied a unique site on the eastern edge of downtown, straddling Market Street between Alabama Street and New Jersey Street.

Elvis Presley performed his last concert here, on June 26, 1977.

The Department of Metropolitan Development solicited bids to redevelop this four-block site in late 2002. Six separate bids were submitted on February 5, 2003, and all of them include primarily residential or mixed-use developments.

Three proposals include a high-rise component: The first by the locally-based Market Square Partners LLC includes two 22-floor residential towers called the Residence at Market Square; the second by another local consortium called New Market Square proposes one or two 15-floor residential towers, and the third by a Chicago-based team includes an 18-floor tower with loft-style residences.

The project Market Square was selected as the winning proposal to redevelop this site by the city of Indianapolis in February 2004.