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The development team behind a hotel planned for a parcel across from Shapiro’s Delicatessen in downtown Indianapolis is adding apartments to the mix.
Deli owner Brian Shapiro and partners The Louderback Group and Dora Hospitality Group plan to include about 60 apartments in their seven-story project at the southeast corner of Meridian and Sycamore streets, which already included a 135-room Residence Inn hotel.
The group is set to present the changes to the now-$50 million project during the city’s Regional City Hearing Examiner on Thursday. The group last year told IBJ it would adopt the Marriott-owned Residence Inn flag, in a move away from its original concept—an InterContinental Hotels Group-branded Even Hotel that was announced in 2019.
At that time, it also shared plans for a rooftop bar space featuring locally sourced graffiti artwork and a menu from Indianapolis restaurateur Steve Oakley. The plans, which still include Oakley’s involvement, now also call for a restaurant that would be able to seat about 140 people.
Shapiro said the decision to add apartments stems from a desire to increase density on the property. Most units would be what he called “micro-apartments”—studios—on the sixth and seventh floors, but the mix would also include a few one- and two-bedroom units.
“As we saw rising costs, we said, we need to maximize the amount of density on this property,” Shapiro said. The group opted for apartments rather than more hotel rooms because “the property is walking distance to Eli Lilly and other amenities. … We think the future is extremely strong on the south side.”
Initially the project had been expected to cost $25 million, but that figure inflated to $35 million with its new flag and bar addition last year. Shapiro said inflation and construction prices, along with a new seventh floor, are driving the costs even higher.
The project will require city approvals for a rezoning of the property to allow for apartments, with final approval potentially coming sometime in June. Construction would begin by this fall, with an opening by summer 2024.
David Rausch & Associates is the architectural firm on the development.
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Indy is definitely developing all over the city. and downtown in particular. I personally would like to see even more around Lucas Oil Stadium and more taller all glass modern looking buildings. Indy needs another signature high rise that stands out like the saleForce tower. One way developers can achieve this, is by stacking the mix use developments. A 250-325 apartment building is usually about 10 maybe 12 stories depending how you do it. Market 360 has that many and went to about 26-28 stories. so with that in mind, you could have 3 floor for mix use and office space and 10 for a hotel and another 15 for apartments. This would give you at least 28- 30 stories and a vert effect use of building space. Indy could build several of these throughout downtown and totally and effectively change the city skyline
Agreed! Well said!
Taller buildings signal progress and confidence. They attract a lot more
attention.
I was hoping that Simons would combine their hotel and apartment building
into a signature building. A signature building south of Washington Street
would be very significant and bring even more focus & attention for
the Simon development.
That said, the city also needs to be much more aggressive in bringing jobs
downtown. Without additional jobs coming downtown, economic development
will be very difficult to sustain.
I think you’re overstating the impact of a skyline. That’s a last century element that has lost its muster.
It’s Plenty of room for years of new developments!!!!!
Be cautious working/investing with Brian. His development in Carmel failed and blamed the city for his failure. Is this his next failure?
Boys always think that size matters. Have you looked at office vacancy rates or considered a move to remote working and how that impacts the economics and financing of your big buildings?
I totally understand your position and its actually some truth to it. I would like to just say that, when it comes to a nice modern skyline, its a show of wealth and power of a city. It also projects a certain type of perception that attracts young talent from all over. It shows the growth of a city.Most major cities have major developers and gurus that want to leave a mark on their city, so they build a skyscraper to show their wealth for all to see. Think of a modern day Pharos having a monument of some sort to be honored in his name.
No one is discounting those factors affecting downtown development.
But a skyline does show progress and confidence in a city
when developers are willing to build.