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An Atlanta-based developer plans to build a 10-story hotel on a corner parking lot across Pennsylvania Street from Gainbridge Fieldhouse, according to documents filed with the city of Indianapolis.
Peachtree Group will spend an undisclosed amount to build the 167-room Tempo by Hilton property on a 0.28-acre lot at 102 S. Pennsylvania St., immediately north of the parking garage for the dual-branded Hyatt Place-Hyatt House hotel at 130 S. Pennsylvania St. that opened in 2018.
The project would be the first Tempo-branded property in Indianapolis and only the fifth in the country. Locations in New York City, Nashville and Louisville have already opened, and another in Raleigh, North Carolina, is expected to debut next year.
The plans come more than four years after Peachtree purchased the property on the southwest corner of Pennsylvania and East Maryland Streets from a pair of owners for a combined $3.16 million. The acquiring entity is named PHOTA Indianapolis LLC, an affiliate of Peachtree.
Also in late 2019, Peachtree acquired the Hampton Inn by Hilton at 105 S. Meridian St.—and the parking lot immediately south of the building—for $29.8 million. The Hampton Inn fronts the same block of East Maryland Street where the Tempo is planned.
IBJ reported in early March 2020 that Peachtree was considering developing a hotel on the vacant corner lot at Pennsylvania and East Maryland. The COVID pandemic shut down most hotel activity downtown less than one week later.
Peachtree has filed initial development plans with the Indianapolis Historic Preservation Commission, which has purview over the project because it is located within the historic Wholesale District.
The company is requesting a certificate of appropriateness—a general approval of the project from the commission—as well as a variance of development standards to allow for the development to proceed without loading spaces and rooftop mechanical equipment that is not fully screened from view.
According to the request, which will be considered by the IHPC on June 5, the hotel is expected to feature a cafe and a bar on the ground level, adjacent to the lobby, as well as a pair of private meeting rooms on the first floor.
While most floors will have 19 guest rooms, the second floor would have 15, to accommodate a 1,000-square-foot fitness center. The basement level would house most of the employee-only areas, such as a worker lounge, plumbing, electrical and storage.
The building’s total size is expected to be around 105,750 square feet, using cast concrete and steel for construction. The facade is expected to consist of limestone, black steel, a variety of beige brick and light-colored cast stone.
The Tempo flag was launched in early 2020 with a focus on drawing business travelers with higher-end amenities like bars and cafes. The Nashville property is offering bookings for anywhere from $179 to $360 per night throughout May, with an average starting rate of $276. The Louisville location opened earlier this month.
Matthew Holderbach, an architect with the design firm on the project—the Kansas City office of DLR Group—told IBJ that the development timeline calls for completion in the first half of 2026.
He said while the hotel will not have its own parking nor a physical connection to the Hyatt garage, Peachtree is working on arrangements with nearby lot owners.
Holderbach deferred other questions about the project to Peachtree representatives, who did not return calls and messages requesting comment for this story.
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IBJ, it’s East Maryland at Penn, not West Maryland.
Cool,so many more projects are in the pipeline and more coming.
Another correction:
HRI ‘s parking structure is south not west.
Does anyone know the status of the Simon plan to build a hotel and apartment building directly across from Gainbridge’s Fieldhouse?
They are are not shown on the Downtown Indy map of future development projects.
Good news, this parking lot has turned into an eyesore with the weeds and dilapidated fence. It’s nice to infill these prominent sites.
Such a boring design
It should be required to have its own parking.
There are several parking garages within walking distance.
Downtown Indy has HUGE parking garages that sit half-empty most of the time. It’s in the city’s best interest to have property developers leverage existing resources.
The national average (looking at 50 years worth of data) is 1.24 on site parking spaces per hotel room. This can vary depending on local regulations and tends to range from 1.21 to 1.32 parking spots per room (to accommodate guest plus staff). Generally speaking, higher end (luxury) hotels have more parking spaces than the national average as they offer more services and can also include convention facilities, therefore requiring higher number of parking spaces per room (can approach 3 or 4 parking spaces per room). Cities have found that if hotels do not require hotels to build their own parking facilities, the local population pays a much higher rate for parking as the demand increases for parking (often times in downtown locations) therefore, supply and demand takes over and parking rates increase accordingly, sometimes doubling and tripling parking rates. Some cities charge the developer an impact fee that can be six and seven figures when they are short of the minimum parking requirements.
Hope the city’s historic society doesn’t do what they did before and kill this because “It doesn’t match the aesthetics of this corner of downtown.”