The conversion of downtown's Gold Building from an office building to residential tower is planned as part of a larger redevelopment of the City Market block. (IBJ photo/Chad Williams)
Indianapolis is looking for input on the next iteration of the Indianapolis City Market and seeking early interest from those interested in operating the historic public space.
On Oct. 10, Indianapolis development officials released a request for expressions of interest, or RFEI, seeking concepts and ideas for the next chapter of the market’s history, ideally from companies experienced in operating similar organizations.
From 1886 to 2024, the City Market served as a community hub, home to Indianapolis’ Original Farmers Market. But the market saw declining foot traffic and vendor activity over time—when it was shuttered in March 2024, just 15 vendors occupied about half of the market’s 28 stalls.
The building, now surrounded by chain-link construction fences, is closed until at least 2028 due to issues financing a planned $15 million reconstruction of the market’s catacombs and plaza.
The market was previously operated by nonprofit City Market Corp., but will reopen under a private operator.
In the request documents, city officials wrote that the structure “has long been underutilized outside of business lunch hours” and “needs a new, economically sustainable vision for a vibrant reuse befitting its location and presence.”
Auboni Hart, chief communications officer for the city’s Department of Metropolitan Development, or DMD, told IBJ this is the start of the process for identifying that operator. It isn’t a formal bidding process, but Hart said companies that share concepts for activation and operations may have a “leg up” in an eventual search for operators.
RFEIs are used less frequently than the typical bidding processes of requests for proposals or requests for qualifications. After the RFEI period, the city may begin a more specific bidding process, according to the documents.
The city’s request says responses will shape the physical layout, infrastructure planning, tenant mix, activation strategies and budget priorities for the renovation.
“We are seeking operators who will honor the market’s legacy while helping us create a vibrant, inclusive and sustainable public space,” Megan Vukusich, DMD director, said in a written statement.
In 2022, city leaders selected developers Gershman Partners and Citimark through a bidding process complete an ambitious reconstruction of the entire city block, which would include the City Market revamp. Since then, however, many aspects of the project have hit snags.
The city had to give the developers an $18 million bailout for the planned reskinning and redevelopment of the iconic 20-story Gold Building into 350 apartments. Nearly three years in, the project, sources told IBJ, was nearing foreclosure. Where the City Market’s east wing stands, the developers had planned an 11-story, 60-unit apartment tower. That project also hasn’t moved.
City development officials are seeking a different developer to undertake the planned $15 million overhaul of the market’s catacombs and Whistler Plaza that was originally awarded to the same developers.
The Original Farmers Market, which has been held on Monument Circle on Wednesdays throughout the summer since the market closed, would return to the City Market building upon its completion.
The deadline for submissions is 10 a.m. Nov. 21.
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