555 N. New Jersey St. (wibc.com photo by Mike Wilson)

A new development is coming to the Massachusetts Avenue area of downtown Indianapolis. The 40,000 square feet of retail and 235 apartments are slated to move into what is now a fire house at 555 North New Jersey Street. 

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Developers say the fire house is great, but it breaks up the experience on Mass Ave.  That's why builders are looking to invest $43 million on a property that Mayor Greg Ballard expects to draw people from around the state. Construction on the project will start in 2014.

Meanwhile, the city will look for a new location for the fire station. The nearby fire headquarters will move to former IPS School 97.