Local developers plan 12-story, $100M project along Indiana Avenue

A pair of Indianapolis developers are proposing a towering apartment and office project on Indiana Avenue next to downtown’s Central Canal.

Indiana Avenue Partners LLC, a joint venture between Arrow Street Development and Chatham Park Development, plans to spend more than $100 million to construct a 12-story tower at 501 Indiana Ave., next to the Kurt Vonnegut Museum and Library.

Plans call for the unnamed 1.46-acre project to consist of 262 apartments, a four-story interior parking garage with 323 spaces and nearly 35,500 square feet of retail, office and amenity space.