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updated: 7/16/2013 7:27 AM

Indianapolis to announce Market Square redevelopment

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Associated Press

INDIANAPOLIS -- The city of Indianapolis is ready to announce a proposal to redevelop the Market Square Arena site.

Mayor Greg Ballard scheduled a news conference Tuesday to announce the plan. He said during a State of the City speech in March that he planned to turn the north lot of the former arena in downtown Indianapolis into something better than surface parking. Officials have previously discussed plans for apartments and retail space on the site.

Market Square Arena was the home of the NBA's Indiana Pacers for 25 years and was the site of Elvis Presley's final concert before his death in 1977. The arena was demolished in 2001.

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