INDIANAPOLIS — Redevelopment of the former Market Square Arena site in downtown Indianapolis will mark a major step as residents start moving early next year into a new 28-story apartment-and-retail tower.

Project developer Flaherty & Collins Properties says the tower’s 300 apartment units will soon go up for lease. The $120 million project will feature a heated saltwater pool, a fifth-level outdoor deck, a large gym, a pet grooming spa and electric car charging stations.

Monthly rents will range from about $1,300 for studio apartments to $2,300 for two-bedroom units. Apartment broker Hannah Ott says she expects the tower can command such rents.

Columbus-based Cummins Inc. opened a nine-story office building in January on the southern half of the Market Square Arena site. The location had been vacant since the arena’s 2001 demolition.

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