Pan Am hotel, convention deal could be finalized by late June
Project negotiations on the massive two-hotel and convention center expansion project were temporarily sidelined in March to allow the city time to deal with the coronavirus pandemic.
Project negotiations on the massive two-hotel and convention center expansion project were temporarily sidelined in March to allow the city time to deal with the coronavirus pandemic.
The Indianapolis Parks Department has preliminarily agreed to pay nearly $1 million per year to lease space in a new family center planned for Broad Ripple Park.
Gen Con—the single-largest event the Indiana Convention Center hosts on an annual basis from an economic impact standpoint—will become an online event this year. Organizers said the social nature of the gaming event made it impossible to hold in-person.
The Michigan-based firm intends to develop 20 condos and 15 townhomes on parcels near the nexus of the Holy Cross, Arsenal Heights and Woodruff Place neighborhoods.
A local hotelier expects to lose more than $20 million from declines in travel tied to the coronavirus pandemic, according to a lawsuit filed against its insurer earlier this month.
Experts say hotels of all sizes are under tremendous stress as revenue for many falls below the levels needed for debt payments.
Real estate sources told IBJ the land likely would sell for at least $1 million per acre because of its proximity to the heart of downtown, where sizable redevelopment opportunities are scarce.
CEO David Simon said the company is continuing to work closely with its tenants but declined to discuss how it is assisting those that have faced financial strains from limited or diminished operations.
The local tourism industry is bracing for a “very tough” end to 2020, despite efforts to reopen the state by July 4.
Plans call for replacing the existing curtain wall on the 20-story office building with “crystal gray” panes developed by Minnesota-based architectural glass fabricator Viracon.
The Indianapolis-based real estate company reported a 16% year-over-year drop in revenue during the first quarter as many tenants sought rent deferrals to weather pandemic-related business shutdowns.
Construction has been stalled on the planned 126-room hotel at the southeast corner of Main and 16th Streets since July 2019, while Indianapolis-based development firm Loftus Robinson LLC has tried to shore up financing.
Mario Rodriguez, executive director of the Indianapolis Airport Authority, said activity has dropped to as low as 5% of typical operations, with the the facility serving only 14 of its 53 destinations.
The $20 million project a block west of the Monon Trail would include an interior parking garage and a 2,600-square-foot rooftop deck.
Indianapolis-based BWI LLC plans to spend $10 million to create the one- and two-story homes, which low- to moderate-income residents could rent to own.
Restaurateurs say protective measures and uncertainty about the lingering pandemic might chill the influx in revenue the industry is hoping for once restaurants are allowed to resume dine-in service.
Many employees have traded in-person meetings and conversations for emails and videoconferencing—something many experts say likely will continue long after social distancing requirements are relaxed.
Creating the 66-unit apartment project would entail demolishing the two-story, 30,000-square-foot Teamsters building at 1233 Shelby St.
The upscale, 247-room Conrad suspended operations on Saturday in what management called a temporary measure “that is reflective of the current business environment.”
Local brokers have made big changes in the way they sell houses in an effort to protect buyers and sellers during the coronavirus outbreak. It’s not clear yet whether or how much the changes will hurt home sales—in the short term or long term.