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“The plans for the Indiana Convention Center expansion and Signia by Hilton branded hotel have not deviated from the shared designs. We look forward to helping create a landmark development for the City of Indianapolis.”
That’s encouraging. But then there’s:
“Cost volatility is a challenge on all construction projects right now,” he said in emailed responses to questions from IBJ. “We are working in real time with the designers, contractors, Kite and the Signia by Hilton design team to address these and other challenges. Optimizing the program, design details, and constructibility of the project to mitigate cost escalation is a high priority.”
That’s a bit concerning. Those statements seem almost contradictory.
It was a mistake to not have pressed forward with the project through the pandemic when money was cheap and abundant and prices were not so inflated. It’s a 3-4 year build so I’m surprised they didn’t look through the pandemic and understand that COVID would be a distant memory by the time they would’ve finished. They could be a year from opening by now, just as hotel occupancy has returns to normalish levels. And the financing would’ve been dirt cheap.
I’ve been wary of the project ever getting off the ground ever since the initial delay. I still am, unfortunately. I just don’t see Indianapolis actually get these projects off the ground with any consistency. Hoping this one goes through because downtown really needs to establish some momentum.
Nathaniel Z. – Agreed with everything you just said.
I would just add that by waiting, Kite now is also having to plan around many
other project competitors that may significantly alter the original design.
The original design had a big wow factor and would be a great addition to our skyline.