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Indianapolis-based TWG Development has been selected by the Hogsett administration to redevelop Old City Hall and its parking lot at 222 N. Alabama St. to include a 32-story, mixed-use tower with a boutique hotel and adjacent art museum, officials announced Tuesday.
The $140 million project, which city officials are calling the “Alabama Redevelopment,” is expected to include 190 apartments, 24 condominiums, 150 hotel rooms and 8,000 square feet of retail and hospitality space.
TWG is in “exclusive negotiations” with the Louisville-based 21c Museum Hotels chain to incorporate a branded 21c hotel in the project, according to the city. This would be the chain’s ninth hotel.
Under the plan announced Tuesday, the 113-year-old historic City Hall at 202 Alabama St. would be restored in part as an art gallery for the hotel. The remainder of the space in the four-story, Classic Revival building would be used as community or office space.
The boutique hotel would take up floors six through 13 of the 32-story tower at 222 N. Alabama St., including 150 hotel rooms, a lobby, restaurant, and curated retail space. The apartments and condos will also be located in the tower.
TWG has agreed to set aside 10 apartment units as low-income housing.
“TWG is excited to build on our long-standing relationship with the City of Indianapolis to provide quality housing for our community,” said TWG CEO and co-founder Tony Knoble. “With the added involvement of 21c Museum Hotels, we are confident this housing, hospitality and community asset will be a catalyst for further economic development and a destination for visitors and residents alike.”
Knoble said that TWG doesn’t have a finalized agreement with 21c but that the negotiations were at an advanced stage and that the hotelier was enthusiastic about the project.
A statement emailed to IBJ by the hotelier read: “21c Museum Hotels is excited to see this development continue its course and looks forward to working alongside Indianapolis-based developer TWG and the City of Indianapolis on the proposed hotel project.”
The city initially issued a request for proposals to developers for the 0.65-acre parking lot immediately north of the Old City, at 222 N. Alabama St. At least five developers put in bids.
While that RFP focused primarily on the parking lot, it did allow bidders to incorporate a non-government use of the Old City Hall building—an unused piece of real estate that has challenged city officials for nearly a decade.
Built in 1909 and 1910 and clad in Indiana limestone, the four-story Old City Hall housed the Indiana State Museum from 1966 to 2001 and temporarily housed the Central Library during renovations to the main library building early this century.
A previous attempt at securing a 21c Museum Hotel at the same site fell through when 21c was unable to meet financing deadlines.
To help finance the TWG project, a proposal for a single-site tax-increment financing district (TIF) will go before the Metropolitan Development Commission and then Indianapolis City-County Council. The process is expected to begin in October.
Knoble said that the city would contribute $15 million to the project via developer-backed bonds, to be repaid by property taxes via the TIF district.
Construction of the project is expected to begin in late 2024. The architect for the project is Atlanta-based Smallwood.
The 32-story tower would be among the tallest buildings downtown and within a stone’s throw of the 48-story Salesforce Tower, the tallest building in the state. The next tallest in terms of floors—the Regions Tower and OneAmerica Tower—are 36 stories.
The JW Marriott is downtown’s tallest hotel at 34 stories.
Clarification: The headline of this story was changed to reflect that TWG is in negotiations with 21c Museum Hotels but that a deal has not yet been finalized.
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You run this story with No renderings?!
There’s renderings and it looks great
With the new Hilton, the towers at Park Eleven and the 3 towers at the new hospital by Methodist, downtown Indy will look amazingly different
The original story had no renderings.
Yeah if it all happens it will definitely transform the skyline after decades of dormancy. I’m hopeful.
Kevin P. ~ And there’s the two new high rises to be built across from Gainbridge Fieldhouse (one for apartments, the other for a hotel).
K even P.
+1
Thinking the same thing. Our downtown will look much bolder.
Have any renderings been made public on this proposed tower?
Who is the architect?
My guess is the lowest fee.
“The architect for the project is Atlanta-based Smallwood.”
Check out photos from the new 21C hotel in St.. Louis
Is this the building that is 10 stories tall?
Nice! Great to see a grand building repurposed.
$140 million for a 32-story building doesn’t sound like enough
The 28-story Market 360 apartment building cost $121 million. The City of Indianapolis contributed $5.6 million in land for the project and expended $17 million in tax-increment financing money for infrastructure.
@Brent B. That was also 10 years ago. But who knows, maybe they’re choosing lower end finishes.
Good for the city. Good for TWG. This is a critical entry point to downtown.
Who were the other 3 developers who responded to the RFP? Some analysis/scrutiny of the selection process should have been a piece of this article. Dig deeper, folks. And I hope you’re not standing still w/ the City’s predictable “no comment” position on the TIF. Another item that deserves analysis/scrutiny.
Sour grapes much? Maybe be a better developer and corporate citizen? TWG does it right. It’s no surprise they won this awesome project. I’m also thrilled a local developer gets the chance to continue enhancing our skyline. War Indy.
Aside from all the messy details on how this project got to select the developers, I would like to say that I’m excited to finally see my city push for more robust development downtown. I’m hoping it’s a unique modern design that gives the city a signature building with stunning modern architecture
Lol. Nice try. I think most everyone on here understands construction costs have increased dramatically over the past several years and a 10 year old project is simply not comparable. The Signia project cost increased pretty dramatically just from initial proposal in 2019.
I like the project. Excited about all of the proposed towers. Hope they get built. I dont understand the price tag of this one. Seems way low. Acknowledging inflation doesn’t make one a “wet blanket”
If memory serves, that’s the exact same design they proposed at City Market.
Btw $140mil for 32 stories….no chance!
Market 360 cost $121 million and it’s 28 stories
So for $19 million you get 4 more stories. That’s almost $5 million a story
Sounds fair I guess
If you think construction costs today are even remotely comparable to when 360 Market was built I dont know what to tell ya.
Glad to see 21C will still be a part of it and restoring the old city hall. Hope this gets the go and starts on time, will be a very nice addition to the city!
IBJ should do a deep dive on these TIFs. They are a mammoth tangle, hard to understand, and they are redirecting tax dollars to developers at an ever-increasing rate. Much to report on and uncover here. The folks who benefit from them would prefer to keep this gravy train a mystery. Taxpayers deserve better. It would be great reading.
You could just be clear about your own agenda.
A single site TIF for a property that currently generates zero in property tax (it is government owned) to support development that will generate property taxes for generations isn’t exactly taking anything away from any tax receiving entities. Nor is it a tangle. It’s pretty straightforward.
Imagine that building going where the Ardmore went. Would have given downtown Chicago energy to Mass Ave with that building bookending it. Good news nonetheless.
Mass Ave has great energy, and growing all the time. Development continues up Mass Ave way past Bottleworks, with lots of apartment complexes in the works. I remember when Mass Ave was just Bazbeaux and that shoe store. It’s come a looooong way since then. Keep it coming, Indy!
Well aware. Point still stands. Can always be more ambitious.
So I’m guessing since the tower will be 32 stories that translates into around 400 feet tall?
350 max.
Thats sucks! I was hoping it would be taller.
It could push 375 to 400. Signia is 40 stories and will stand 470 feet tall.
Regardless, would be a prominent addition to the skyline
Any updates on the towers across from the fieldhouse referenced above? Now that renovations are done might this move forward?
I looked on the Emporis website and the two towers that are still in the proposal stage would be 26 stories tall at 360 feet. and the second tower is 16 stories at 290 feet.
That would be a nice addition to the skyline.
As for the rehab of city hall, regardless who or what occupies it,…the walls would be well served by having nicely framed photos of various Indy streetscapes with lit sconces from 1920 and back. An appropriate artistic touch.
BSR
+ 1
Sounds like a great concept. It should be as artistically & architecturally pleasing
as possible.
Like the idea! I’m still salty that they moved the State Museum! I loved that place.
This thing will be value engineered to the max.
The economy selection.
Love 21c, this will be a great asset for Indy. And love to see an old building repurposed (many fond Gen X memories of seeing the State Museum pendulum there). Hope the project will be done right (as opposed to simply cheap).
Not exactly sure why construction is set for late next year. Maybe they are hoping for interest rates being lower by than for financing the project.
Thinking the same thing.
The projected start date is almost 1 1/2 years away.
The Omni Louisville Hotel is 30 stories at 394 feet and is a residential and a hotel. So Maybe we could surpass the 400 foot mark with 2 additional floors.
Ron D.
Agreed!
If they can take it to 400 feet with two additional residential floors, then do it.
JW is the biggest for now. Love all the big projects going on! It’s about time Indy grows UP
Yes it is!
Yes it is time for Indy to grow UP. Good point.
Would have liked to see more than just 10 affordable units – and make them record it on title for perpetuity. Market 360 is doing fine with their rents for highest incomes. I only agree with TIF when it’s used for equity and access to make up on a small scale for all the past injustices like eminent domain land stolen for the I-70 from Southside residents and Indiana Ave.
More hotel rooms when the signia was going to be “too many”?
8 “low income”? TIF?? What a joke. Looks awful next to the old city hall – kinda like soldier field reno