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.
Mickey Shuey and 
Samm Quinn The city will not subsidize construction of Kite’s two hotels on the site but will ask the City-County Council to authorize a $150 million bond to finance an addition to the Indiana Convention Center.
The project, expected to cost as much as $550 million to construct, has been in the works for years as Kite and the city worked to reach an agreement.
In both of the suits, Indianapolis-based Kite claims that the retail tenants are in default on their leases because they didn’t pay rent in April, May or June.
A proposal to issue economic development tax increment revenue bonds for Kite is slated to be voted on by the City-County Council’s Metropolitan and Economic Development Committee on Monday.
Heath Fear has guided the company to surer financial footing, largely by orchestrating the sell-off of two-dozen less properties to free up cash for future investments.
The loan program, geared toward Kite tenants that operate fewer than five retail locations, will accept applications beginning Friday. Industry experts say many mall tenants weren’t able to pay April rent.
Firms across the country from a broad range of industries will be taking a hard look at their dividends in the coming weeks, as the pandemic forces businesses to focus on conserving cash.
The Indianapolis-based real estate investment trust beat Wall Street predictions in two key financial categories in the fourth quarter.
The Carmel Plan Commission gave a favorable recommendation Tuesday for the City Council to rezone 14 acres at the southeast corner of Meridian Street and Carmel Drive to a less restrictive designation.
Gavin Thomas, 43, joined Wisconsin-based Hendricks Commercial Properties in August after five years working in development at Kite Realty Group Trust.
The 139,743-square-foot retail center at 1300 E. 86th Street, anchored by Target, Marshalls and Whole Foods, was sold by a joint venture consisting of RPT Realty and an institutional partner.
Indianapolis-based developer Kite Realty Group Trust is asking the cities of Carmel and Indianapolis to ante up incentives for a trio of mixed-use projects in its pipeline.
The city’s Metropolitan Development Commission on Wednesday gave Kite Realty Group the necessary approvals it needs to proceed with its plan build a 267-unit apartment complex adjacent to Glendale Town Center.
