Market Square Project Set to Begin

Construction is set to begin in early March on 360 Market Square, the $121 million, 28-story apartment tower on the site of the old Market Square Arena.

Developers and city officials held an official groundbreaking on the site Wednesday morning – complete with a pile of dirt carted in from another site because the ground is frozen.

David Flaherty, the CEO of Flaherty and Collins Properties, which is developing the project, says it will create a combined 800 construction and permanent jobs, and generate $50 million in wages over the next five years.

The developers had hoped to begin construction last spring, but struggled to complete the financing. The project will also get $23 million from a city-backed bond.

City-County Counselor Vop Osili, whose district includes the site, said during the groundbreaking ceremony that the building, designed by international design company RTKL, was worth waiting for.

“I’m an architect. And when I think about iconic buildings, and I think about what sets a city apart, it’s buildings like this that are memorable,” Osili said. “What makes me proud is that we now are getting to the point where we can compete with the best cities in this country, and even around the world. It’s buildings like these that set us apart.”

The development, at the corner of East Market and Alabama streets, will include a 40,000 square foot Whole Foods on the ground level, adjacent to the 28-story, curved tower with 292 luxury apartments.

Flaherty said his company has long been interested in the site, and made its first proposal to redevelop the Market Square site in 1999, when the arena was still standing.

Flaherty estimated the project would take about 26 months to complete.