One Market Square's status is still in the air, due to poor sale (for a variety of reasons), they've been given until Thanksgiving to come up with a new or revized plan.
There's another proposal for Indianapolis, the InterContinental Hotel. It's 44 stories and is expected to be the city's second tallest (so it's over 530 ft.).
A few renderings from IndyBob over at SSC
I'll try to dig up the day time rendering, it's around here somewhere.