Developer picks unusual spot for new hotel

August 29, 2013
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It’s hard to miss the ongoing Stadium Lofts apartment project along West 16th Street, as a second phase is about to get under way to add more units.

sleep in 225pxBut what about the nearby redevelopment of the old office/warehouse building set back from the north side of the street where Indiana Avenue connects?

Seems like a peculiar place to build a hotel, even if it's a modestly priced brand. Yet, that’s what’s going up at 1244 W. 16th St., according to construction filings.

The flag: a Sleep Inn, part of the Rockville, Md.-based Choice Hotels International Inc. chain. Its other holdings include Comfort Inn, Quality and EconoLodge.
 
The developer of the Sleep Inn, locally based MKS Lodging LLC, received a variance from the city in July to extend the building to four stories. When finished, it will total nearly 39,000 square feet, according to filings.

It’s unclear, though, when it might open. A representative of the developer said he wasn’t ready to discuss the project, and Choice Hotels didn’t return phone calls.

The area northwest of downtown could be ripe for rejuvenation if the city’s ambitious plans for its 16 Tech life sciences corridor come to fruition.

That could be what the developer is betting on, said Mark Eble, a hotel consultant and Midwest regional vice president for San Francisco-based PKF Consulting.

“Ordinarily, hotels are the last ones in on that stuff,” he said. “If that gets delayed or if it doesn’t happen, this guy’s kind of out there by himself, which is a risky place to be.”

Meanwhile, construction should start early next month on the second phase of John Watson’s redevelopment of the former Bush Stadium. The next phase, Stadium Flats, calls for 144 units in a newly constructed building to the south of Stadium Lofts.
 
Stadium Lofts contains 138 units inside the old stadium and is fully occupied.
 

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  • Well..
    ...depending on the way that area develops in the next year or two, could be a very smart move to place a lodging option there. As for the Stadium Lofts project, they SHOULD be fully occupied. From what I understand, they had to start leasing at WELL under market rate to fill their units. Weird project in (for now, at least) a weird location.
  • 71st & Binford
    What's being built at 71st and Binford where the Shell station used to be. Glad to see the abandoned station torn down!
    • Makes Sense to Me
      As someone who travels that corridor a lot, this makes a lot of sense. Not only is there a direct line to IUPUI, but it is convenient to the new Wishard and Methodist hospital. All this and you're in one of the closest lodging spaces to the track. I don't think they'll have any problem
    • 71st & Binford
      Verizon wireless stand alone store. Wonder if they will be closing 82nd (casleton).
    • Speaking of Hotels
      Does anyone know what is going on at the old Castleton Inn and Suites (formly a Country Inn and Suites) at Shadeland and I-69?
      • 71st & Binford
        Oh - I was hoping for a DunkinDonuts - which would be a great location esp for commuters heading downtown... hint hint Doug
      • Hotel
        It will be demolished to make room for the redevelopment of the 465/69 interchange area.
        • Something else needed?
          I'd be willing to be the new residents of Stadium Lofts would rather have a grocery store nearby. What do you think?
        • Stadium Lofts
          The Stadium Loft Apartments opened their doors to new residents the last Saturday in July. At that time there were only three apartments left to lease. All units were well over a $1 per square foot-in line with the downtown market. So happy that a developer stepped in to save this landmark!
          • 465/69?
            Dave, I'm interested to hear where you got your info on that.
          • Stadiums, Housing, Housing, Stadiums, Abandonment, Stadiums, Housing
            Has anybody seen phase 2? It looks like prison housing. Only in Indy , a city with over 10,000 abandoned homes and millions going into building new stadiums would we also subsidize developers who turn old stadiums into housing that will also be abandoned within 20 years. Mark my words.

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