The all-in cost for the redevelopment of Pan Am Plaza is now expected to be $751.6 million. The bond sales to cover much of that cost—creating significant long-term debt for the city—are expected to take place this week.
Most Indianapolis hotels won’t open bookings for another two weeks, 50 weeks before the first of Taylor Swift’s three shows at Lucas Oil Stadium. But downtown rooms are expected to sell out quickly, followed closely by hotels across the Indianapolis area.
Early plans for the $150 million project, known for now as the “Alabama Redevelopment,” call for a 387-foot glass tower containing 190 apartments, 24 condominiums, 150 hotel rooms and 8,000 square feet of retail and hospitality space.
Indiana’s tourism industry, plus public safety officials and others, already are laser-focused on April 8, 2024. On that day a sizable swath of the state, including Indianapolis, will be in the path of totality for a solar eclipse whose path will arc across the U.S. from Texas to Maine.
The project at Potato Creek State Park calls for 120 guest rooms, a 9,000-square-foot indoor aquatic facility and a conference center.
Nationally, many hotels say they have been trying to increase head count—they just haven’t had much luck. A May survey by the American Hotel & Lodging Association showed 82% of hotels were experiencing staffing shortages, most notably in housekeeping.
Airport officials are expected to meet with Marriott representatives Friday afternoon to iron out remaining details for the project.
Airport officials have flirted with the idea of locating a hotel next to the terminal since planning for the current midfield complex began in the early 2000s.
The $140 million project, which city officials are calling the “Alabama Redevelopment,” will include 190 residential units, 150 hotel rooms and 8,000 square feet of retail and hospitality space.
The plan allows for a 468-foot-tall hotel tower—which would make it the tallest hotel in the state, and the fourth-tallest building overall.
The ceremony follows months of construction work beneath the plaza to stabilize certain structures, like Pan Am Tower, and prepare the site for a three-year buildout.
The vote was a crucial step in advancing the development of an 814-room Signia by Hilton hotel on Pan Am Plaza. The measure allows the city to take out up to $625 million in municipal bonds for the project.
Hoteliers are getting a significant boost again this year from the Indianapolis 500, with most of the hotel rooms within 10 miles of the event already spoken for throughout the weekend.
The only other Indiana lodging choice to make the list was ranked 27th and is operated by the same company that oversees Bottleworks Hotel.
Representatives for Indianapolis Mayor Joe Hogsett said a feasibility study is expected to be completed before a full City-County Council vote set for June 5.
But Mayor Joe Hogsett, a Democrat seeking a third term, says the plan will ensure Indianapolis’ hospitality industry remains nationally competitive by making room for larger events.
Republican Jefferson Shreve said he disagrees with the decision by Mayor Joe Hogsett’s administration to take over financing and ownership of the $510 million Signia by Hilton—a key part of the city’s convention strategy.
Hogsett administration officials said the move was necessary to save the project after Kite Realty Group told the city it couldn’t secure suitable financing for a planned 814-room Signia by Hilton hotel.
Town of Speedway officials and residents on Monday night learned a development firm involved in its long-delayed $36 million Wilshaw hotel project purposely withheld details of a settlement reached last year with federal securities regulators.
Town of Speedway leaders are pumping the brakes on a proposed $2.5 million loan to help pay for the long-delayed Wilshaw hotel project after learning that one of the companies involved wasn’t forthcoming about federal fines for past business dealings.
