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The Market Square Arena Site: From Elvis's Last Bow To A $121 Million High-Rise

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Few pieces of real estate in Downtown Indianapolis hold as much historical weight as the ground beneath 360 Market Square. As of late 2025, the site of the former Market Square Arena (MSA) is a gleaming testament to modern urban development, but for 27 years, it was the beating heart of the city’s sports and entertainment scene. This comprehensive look dives deep into the arena’s legacy, its dramatic end, and the high-rise structures that now stand on the hallowed ground where legends once performed.

The story of Market Square Arena is one of ambitious civic planning, iconic moments, and a controversial demolition that cleared the path for a new era. From its distinctive "flying saucer" architecture to its role as the home of the Indiana Pacers, MSA was instrumental in establishing Indianapolis as a major American sports city. Its replacement, and the subsequent development of the site, perfectly encapsulates the city's continuous evolution.

The Life and Times of Market Square Arena (1974–2001)

Market Square Arena was more than just a building; it was a cultural landmark for the entire state of Indiana. Opened in 1974, the arena was constructed to provide a modern, permanent home for the ABA's (and later NBA's) Indiana Pacers, cementing the team's future in Indianapolis.

The arena's construction was a significant undertaking, completed at a cost of $23 million (equivalent to approximately $147 million in 2024). Its design was distinctive, featuring a concrete and steel structure that spanned Market Street, perched atop two parking garages. The final plans were executed by a joint venture called Architects 4, though the original concept was famously developed by Ball State University architecture students Joseph Mynhier and Terry Pastorino.

MSA Capacity and Key Specifications

  • Opening Date: September 15, 1974
  • Construction Cost: $23 Million (1974)
  • Basketball Capacity: 16,530
  • Ice Hockey Capacity: 15,993
  • Maximum Capacity (Festival Seating): 18,178
  • Primary Tenant: Indiana Pacers (ABA/NBA)

When it opened, MSA was the fifth-largest sports arena in the United States, immediately establishing Indianapolis's profile as a major venue for national events.

Legends and Unforgettable Moments

The arena's legacy is defined by the unforgettable events it hosted, spanning sports, music, and civic functions. These moments created thousands of memories for generations of Hoosiers, solidifying its place in local history.

The Final Bow of The King

Perhaps the most famous event in the arena’s history occurred on June 26, 1977. Market Square Arena was the site of Elvis Presley's final public concert performance. The legendary show took place just two months before his untimely death, making the Indianapolis venue a pilgrimage site for fans of "The King."

The Birth of an NBA Dynasty

MSA was the home court for the Indiana Pacers for 25 seasons, witnessing the team's transition from the ABA to the NBA in 1976. Though the Pacers never won an NBA Championship while playing there, the arena hosted legendary players and historic playoff battles, laying the groundwork for the franchise's later success.

A Venue for Global Superstars

Beyond basketball and Elvis, Market Square Arena was a major stop on the touring circuit for decades. The roster of talent that graced its stage reads like a who's who of music history, including:

  • Frank Sinatra
  • Michael Jackson (The Jackson 5)
  • Aerosmith
  • Van Halen
  • ZZ Top / Lynyrd Skynyrd
  • New Edition

The arena also hosted other notable sports milestones, including the start of Wayne Gretzky's professional hockey career, further cementing its multi-sport significance.

Implosion and The Rise of Modern Indianapolis

By the late 1990s, despite its rich history, Market Square Arena was deemed outdated for the needs of a modern NBA franchise. The Pacers sought a new, state-of-the-art facility, leading to the construction of a replacement venue.

The New Home of the Pacers

The Indiana Pacers played their final season at MSA in 1998–1999 before moving to the new arena, which opened in November 1999. This replacement venue, known today as Gainbridge Fieldhouse (originally Conseco Fieldhouse, then Bankers Life Fieldhouse), became the cornerstone of the city’s revitalized downtown sports district.

The 12-Second Demolition

The final chapter of Market Square Arena was written on July 8, 2001. In a dramatic, multi-million dollar event watched by thousands of spectators downtown, the massive structure was demolished by implosion. The entire process took a mere 12 seconds, transforming the concrete monument into a pile of rubble and an empty lot.

For years, the cleared site served as a gravel parking lot, a temporary void in the city's skyline that sparked continuous speculation about its future development.

The 2025 Skyline: 360 Market Square and Cummins

The "fresh" and "terkini" (most current) story of the Market Square Arena site lies in the modern, mixed-use development that now occupies the space. The former MSA footprint is now home to two major commercial and residential projects that redefined the downtown landscape.

360 Market Square: The Residential Anchor

The most prominent structure is the 360 Market Square apartment tower. This $121 million project is a 28-story mixed-use building that has risen on the exact hallowed ground where the Pacers once played. It features a high-rise apartment community with 292 units, offering luxury living in the heart of Indianapolis. The development is a key part of the city's strategy to increase downtown residential density and vibrancy, with amenities like a Whole Foods Market on the ground level.

The Cummins Office Building

Sharing the former arena site is the sleek, modern Cummins office building. This nine-story structure, which opened in January 2017, serves as the global distribution headquarters for the Fortune 500 company. The inclusion of a major corporate anchor like Cummins alongside the residential tower completed the transformation from a single-use sports venue to a dynamic, multi-faceted urban center.

The site's evolution—from a world-class arena to a temporary parking lot, and finally to a high-density, mixed-use development—reflects the continuous, ambitious growth of Indianapolis. While Market Square Arena is gone, its legacy lives on in the memories of the legends it hosted and the vibrant, modern life that now thrives on its foundation. The ground remains a sacred space for many Hoosiers, a powerful reminder of the city’s past and a symbol of its future.

The Market Square Arena Site: From Elvis's Last Bow to a $121 Million High-Rise
market square arena indianapolis
market square arena indianapolis

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