Cosmo developers react to arson ruling

INDIANAPOLIS (WISH) - The search is under way for a suspect in the massive downtown fire at the Cosmopolitan on the Canal. ATF investigators have ruled it as arson and the developers said they are angry to hear the fire was intentionally set.

The developers said the people responsible for setting the fire not only damaged their building, but harmed the city as well.

"To see the loss when we were so close to opening, when we were going to get our first units in 30 days -- it's just devastating," said Jerry Collins, president of Flaherty & Collins.

Investigators said they found key evidence inside the burned out building. They won't release what that evidence is, but said an accelerant detection dog sniffed out something.

Read more about the efforts of the ATF dog unit

The developers said the ATF never considered the construction crew as suspects.

"The ATF never asked any of us and we cooperated fully and we tried to help them get any equipment they needed," said Collins.

Developers said they had reservations for some of the 218 units that burned. Their next goal is to rebuild. They said that could happen in the next 3-4 weeks.

"We were very confident about being able to lease that very quickly, and that hasn't changed," said Flaherty.

Indianapolis Mayor Greg Ballard said he is directing all necessary resources to help find who committed the crime. Anyone with information is asked call Crime Stoppers at 262-TIPS.

The ATF is also urging people to come forward. You could earn $9,000 for information that leads to an arrest.