Indianapolis City Market Renovations Postponed to 2028

The Indianapolis City Market renovations have been postponed until 2028 due to the end of the scoping agreement with developers Gershman Partners and Citimark.

In 2022, city officials, Gershman Partners, and Citimark entered into an agreement to explore redevelopment options for the City Market and Whistler Plaza.

However, Gershman has shifted its focus to renovating only the Gold Building, which includes apartments, offices, and retail space. The delay is also attributed to rising construction costs and interest rates.

Megan Vukusich, director of the Indianapolis Department of Metropolitan Development, said: “As you go from concept to reality in today’s market, we have to be aware of rising construction costs. And interest rates, if you’re getting financing for those projects. In this case, it’s a unique property.”

The city still plans to reveal part of the historic catacombs under the plaza as part of the new look, a project slated to cost around $15 million.

Vukusich said: “We want to be very intentional because this is such a historic site. We want to make sure that we’re taking our time and doing it properly because it just holds so much history for the city of Indianapolis.”

The city will send out a call for proposals by August 15, with plans to select a new developer by early 2026.