Indianapolis’ City Market to undergo major renovations in 2024
Indianapolis, Indiana – Indianapolis’ historic City Market, a past hotspot for downtown lunch-goers, is set for a revamp next year as the city aims to rejuvenate the now-struggling food hall. This move comes in response to merchant concerns about its diminishing popularity.
In a strategic shift, the city will transition the market’s management from the nonprofit City Market Corporation, established in 1988, to a private entity. This transition is yet to be communicated to the merchants, many of whom are worried about the market’s trajectory.
The market’s downturn is evident: 14 of its 28 vendor spots remain unoccupied. Several merchants express feeling overlooked by the market’s administration and fear that closure might soon be their only option.
“We struggle. We don’t have answers,” relayed Zakaria Alzyoud, the proprietor of Ameer Middle Eastern Cuisine. Alzyoud, originally from Jordan, reported that his sales have plummeted to roughly $600 on a good day, a staggering 50% decline since pre-pandemic times.
Deputy Mayor Scarlett Andrews, in a conversation with IndyStar, mentioned that the specifics regarding the market’s closure duration remain undecided.
With the renovation, the City Market will seamlessly blend into the redesigned Market East district. This transformation will reshape the market into a top-tier facility catering to the community. The plan also integrates the upcoming residential additions in the Gold Building and a new 11-story structure, which will include 60 apartment units, office spaces, and retail areas built over the market’s east wing.
Gershman Partners, who had previously announced the City Market East redevelopment, has been chosen this summer for the market food hall’s redesign. The partnership also involves contracting a private manager. With Citimark as a co-developer, Eric Gershman of Gershman Partners anticipates the project’s completion around early 2026, although final dates remain uncertain.
For funding, the city allocated $12 million from Circle City Forward and another $5 million from the downtown tax increment financing district. Additionally, private investments may be pursued.
