Schooley Caldwell was listed as the architect for the project, and later added NBBJ to assist in the design. Parking would be both underground and inside the building, in an area with potential to convert to office space. The winning design was initially proposed to have 35 stories, with a square floorplan and an exterior predominantly made of tall glass panels.
Seven teams of developers presented ideas the winning proposal, "Market Tower" by Wood Companies and Schiff Capital Group, was chosen in April 2017, over designs by the Pizzuti Companies, Nationwide Realty Investors, Kaufman Development, Flaherty & Collins, Casto, and Lifestyle Communities. The process to redevelop the space was first announced in September 2016, when the city held an architectural design contest to find a developer for the space. In 2013, North Market's director floated ideas about redeveloping the market's parking lot, which led developers to approach market officials with ideas. The land for the market and parking lot were acquired by the city in 1992. The market currently occupies an adjacent building, with the project site utilized as a 130-space surface parking lot. The site is in the North Market Historic District, and is the historical site of the first two buildings that housed North Market, the city's oldest surviving marketplace. The development will pay the market to make up for the loss of its parking lot for every year in perpetuity, in a move that the city approves as directing funds directly into the market as opposed to the government. The land is owned by the City of Columbus, which intends to transfer ownership to the developers at no cost. It will include 44 guest rooms with their own experience, along with a library bar, rooftop bar, and rooftop pool. The building will also include a private social club, the Merchant Club, for people interested in wellness, arts, culture, and the club's programming. The building's hotel, the Merchant Hotel, will have 162 guest rooms, the Trade Room and Bar, a courtyard, and restaurants. Public spaces will include a cafe, retail spaces, a barber shop, 11,000 square feet (1,000 m 2) for North Market, and 350 parking spaces. It will include 174 residential units, event space, and 65,000 square feet (6,000 m 2) of office space. The 32-story building will be a $292 million, 700,000-square-foot (65,000 m 2) mixed-use development. The one-acre (0.40 ha) site is in the North Market Historic District, and is the historical site of North Market, the city's oldest surviving marketplace. The building will replace a surface lot used by North Market
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