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.
MDC approves $25M in extra funding for Pan Am Plaza redevelopment
The approval allocates $25 million from the city’s downtown tax-increment financing district to pay for the acquisition of the basement level of the project from developer Kite Realty Group Trust, which plans to build an 800-room hotel and an addition to the Indiana Convention Center.Read More
City considering additional $25M in funding for Pan Am Plaza project
The $550 million project includes a $125 million expansion of the Indiana Convention Center, as well as an 800-room hotel being developed by local developer Kite Realty Group Trust. A second 600-room hotel is planned for a later phase of the project.Read More
Kite expects to secure financing for Pan Am Plaza project by end of year
Kite Realty Group Trust and Capital Improvement Board of Marion County officials said they’re on track to meet a deadline to finish all pre-construction and financing work by the end of 2022. They also released new images for the proposed development.Read More
Kite Realty upgrades outlook after strong second quarter
Indianapolis-based Kite Realty Group Trust this week upgraded its outlook for the rest of 2021 after beating industry expectations with its second-quarter financial performance.Read More
The changes come after Indianapolis-based Kite acquired most of the 163,500-square-foot shopping center for $29 million in January.
President and COO Tom McGowan is at the forefront of major shifts for the local real estate firm, which has significant projects on tap in central Indiana.
Indianapolis-based Kite Realty Group Trust announced in July that it would merge with Oak Brook, Illinois-based Retail Properties of America Inc. in an all-stock deal worth $2.8 billion.
Indianapolis-based Kite Realty Group Trust’s acquisition of Illinois-based Retail Properties of America Inc. is expected to close Thursday now that shareholders for both companies have approved the deal.
The $200 million headquarters development plan by Indianapolis-based Republic Airways Holdings Inc. and Kite Realty Group Trust would result in Republic becoming the largest employer in Carmel.
But the real estate investment trust might also face pushback from investors, largely because the acquisition follows five years of offloading dozens of debt-heavy properties.
The combination of Indianapolis-based Kite Realty Group Trust and Oak Brook, Illinois-based Retail Properties of America Inc. will create a company worth $7.5 billion that will continue to operate under the Kite name.
The owner of Glendale Town Center plans to market three new outlots as part of an ongoing renovation to the property that includes the addition of new tenants to backfill the former Macy’s space.
Indianapolis-based Kite Realty Group Trust beat analyst expectations with its financial performance in the fourth quarter despite a decline in revenue and funds from operations.
Retailer Old Navy will make a comeback at Glendale Town Center after a 15-year absence from the shopping center.
Two growing national retail brands have filed permits with the state for construction on spaces at the shopping center at North Keystone Avenue and 62nd Street.
The Indianapolis-based real estate investment trust reported $65.1 million in revenue for its third quarter—an uptick of about $2 million from the previous quarter, but a drastic drop from the $75 million earned during the same period in 2019.
The Indianapolis City-County Council on Monday night voted unanimously to issue up to $155 million in bonds to pay for an expansion of the Indiana Convention Center at Pan Am Plaza.
Overall attendance at Indiana Convention Center events has stagnated, but annual major conventions have seen explosive growth.
The full City-County Council is expected to vote on the proposals next month. After that, the financing will need to be approved by both the Metropolitan Development Commission and the Indianapolis Bond Bank.
The operators of the Pavilion at Pan Am Plaza event center are considering building a $15 million venue in downtown Indianapolis to replace the one Kite Realty Group plans to turn into rubble as part of its massive redevelopment of the plaza.
Kite Realty Trust collected 80% of base rent from tenants in the second quarter despite the pandemic. That percentage jumped to 87% in July.
A third of planned downtown hotel rooms announced before the pandemic are now on hold.
The $300 million hotel will be the most expensive and elaborate new lodging project built in the city since the $450 million JW Marriott complex was completed in 2011. And it will compete directly with the JW.