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One Market Square

Identification

One Market Square
The Residences at Market Square North, The Residences at Market Square I
203973

Map

Structure in General

skyscraper
unbuilt [cancelled]
postmodernism

Usages

residential condominium
fitness center parking

Facts

  • Starting in September 2004, buyers were offered mortgage rate discounts of 0.625 to 1.5% by National City Bank.
  • Only 41 of the necessary 100 sales to begin construction were completed as of the end of November 2004, delaying groundbreaking.
  • Due to strong initial buyer interest, the developers increased the number of floors from 22 to 29 and the number of units from 200 to 217 in June 2004.
  • Marketing of these units began in Spring 2004, with completion initially intended for 2006.
  • Construction of a second tower, The Residences at Market Square South, is contingent upon the sales performance of this tower.
  • The units were reworked after February 2005 to allow for larger units facing downtown to the west and smaller units facing east. The developers obtained an extension until late 2005 to sell half of the units, delaying completion until 2007.
  • A second extension to sell 40% of units was not met by August 31, 2006. The city of Indianapolis extended the developers' rights to develop the site by 60 days, preferably by removing the presale requirement for construction to begin.
  • The city announced that they were severing their relationship with the developer on November 22, 2006, effectively killing the project. New development proposals will be sought for this prime site.

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More Information

Location

351-399 East Wabash Street, 350-398 East Market Street, 100-148 North New Jersey Street
East Market Street & New Jersey Street, NW corner
46204
Market Square
Center Township
Indianapolis
Indiana
U.S.A.

Technical Data

109.17 m
107.65 m
95.76 m
31
2004

Involved Companies


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