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Kimpton hotel project downtown Indy has been delayed for some time now. This project likely won’t happen either due to lack of funds.
It’s not really surprising that construction loans for new hotels would be held up. It is really due to the pandemic…how fast will the hotel business come back?
If Indianapolis hotels are maybe 50% of their pre-pandemic levels, a prudent banker wouldn’t be disbursing loans on hotels, especially to inexperienced developers, regardless of the hotel “flag” that’s under contract.
Could the IBJ find out why the city of Speedway ever issued this company a building permit or allowed construction to start without firm financing in hand? How much in tax breaks Speedway give this company to encourage them to build? It seems somebody would have questioned the legitimacy of this company from the outset with their limited history. What a black mark to be seen for all of the visitors to see this May, an empty, ugly shell of a building standing uncompleted.
This project started and failed long before Covid came along. Plenty of blame to pass around why the rusty steel structure is not complete. Loftus and Town Of Speedway at the top. What a shill came they both played on the good people of Speedway. Residents have been asking for over a year what is going on. To read in the article a quote by Drew Loftus “We’re continuing on the path we have shared.” What path is that ? Nobody is sharing anything but lawsuits now.
Loftus Robinson has owed my company thousands of dollars for over a year for work done on the J.F. Wild building that they own. They simply don’t care. I’m sure they are enjoying their 2nd round of PPP payments that are going into their own wallets.
They have taken care of this. Comment rescinded