The Indianapolis City Market is set to close at the end of the business day Friday to make way for a major redevelopment project that is expected to put the historic venue out of business for at least two years.

Construction on the landmark could last up to two years, according to the city. It’s part of a $200 million redevelopment of the entire block, after which the City Market itself will reopen under a private operator.

Currently, the City Market is managed by the not-for-profit City Market Corp.

The private operator, whom the city has not yet named, will be responsible for the day-to-day operations of the market and selections of future vendors.

The closure will uproot and could mean permanent closure for at least 15 vendors that occupy about half of the struggling market’s 28 stalls.

In recent statements, city officials have noted plans to soften the blow for the vendors. A statement Thursday noted ongoing meetings between vendors, the Department of Metropolitan Development and City Market Corp. Vendors didn’t have to pay rent in January and February, a decision announced in December, and were offered “financial support and technical resources” while they prepared for the closure.

The $200 million Market East project includes the reskinning and redevelopment of the iconic 20-story Gold Building into 350 apartments as well as the construction of an 11-story, 60-unit apartment tower to replace the City Market’s east wing, updates to an office building at the southwest corner of Ohio and Alabama streets, and an expansion of the market itself.

Citimark and Gershman Partners are the developers taking on the project.

For the 138-year-old City Market, the project will address key structural components including ventilation, plumbing, electricity, loading docks and emergency amenities.

“With the last major renovation of the market house dating back to the 1970s, substantial investment in the market house is necessary to sustain its legacy in Indianapolis for generations to come,” Megan Vukusich, director of the Department of Metropolitan Development, said in written comments. “We thank the vendors who have been part of the City Market’s story and look forward to re-establishing this historic small business hub and community gathering space to its place as a bustling fixture of downtown Indianapolis.”

Officials also committed to including relocation details on the City Market website, when applicable. One vendor, Jack’s Barber Shop, has already moved to 126 N. Delaware St.

Jose Castro, owner of Lunchtime at Castro’s, told IBJ in December, with his daughter acting as a translator, that the city’s plan to waive January and February rent will provide some financial cushion, but does not guarantee that the restaurant will be able to return to the market when it reopens.

“The remodel just kind of hit them out of nowhere,” Alex Castro told IBJ, speaking on behalf of her father. “For some people who have been there for a while like he has, you know, it’s kind of like uprooting your business.”

The money saved from the waived rent will help some vendors find a new location, she said.

The City Market Corp. will continue to host a weekly farmers market during the warmer weather months.