Hamilton County looks to ease rural digital divide
The county has some of the most affluent, highly connected cities in Indiana. It also has rural areas that lack widespread access to reliable high-speed internet.
The county has some of the most affluent, highly connected cities in Indiana. It also has rural areas that lack widespread access to reliable high-speed internet.
Indiana University Health said Monday the cost of its new downtown hospital complex will now top $4 billion, an increase of 60% over previous estimates, due to higher construction costs and a major increase in the number of patient rooms.
Many parts of downtown are thriving—particularly neighborhoods, where rents are rising, people have to stand in line for a lunch table, and investments are flowing. Other parts—especially downtown’s central core, where many workers might come to the office only once or twice a week—are limping along, pockmarked by vacant storefronts, panhandlers and crumbling sidewalks.
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.
Republican Jefferson Shreve said he disagrees with the decision by Mayor Joe Hogsett’s administration to take over financing and ownership of the $510 million Signia by Hilton—a key part of the city’s convention strategy.
But Mayor Joe Hogsett, a Democrat seeking a third term, says the plan will ensure Indianapolis’ hospitality industry remains nationally competitive by making room for larger events.
The hospital system confirmed Monday that it priced the bonds at $726 million on June 6 and expects to close on the offering July 6. The bonds will help finance IU Health’s new downtown hospital.
With at least $9.5 billion in development projects in the downtown pipeline over the next decade, construction industry leaders are under pressure to find enough qualified workers to ensure the work gets off the ground.
The Department of Metropolitan Development staff is recommending approval if IU Health explains why it changed several items in the plan, including why it wants to build two surface lots for 291 cars on sites that were previously planned for structures.
While incumbent Joe Hogsett says a broad use of incentives like tax-increment-financing bonds is often necessary to bridge funding gaps, Jefferson Shreve favors a moderated use of the city’s incentive toolbox.
Indiana University Health Foundation, the fundraising arm of IU Health’s adult hospitals, is launching the campaign with the ambitious goal of making Indiana one of the healthiest states in the country.
The all-in cost for the redevelopment of Pan Am Plaza is now expected to be $751.6 million. The bond sales to cover much of that cost—creating significant long-term debt for the city—are expected to take place this week.
The city on Wednesday and Thursday sold $581 million in bonds for the development through the Indianapolis Local Public Improvement Bond Bank, consisting of $436.8 million in tax-exempt revenue bonds for the hotel portion of the project, and another $155 million for the convention center expansion.
The mall redevelopment is not the largest downtown project in terms of cost. But it will elevate a vast and critical piece of real estate as more than $9 billion in other downtown projects are slated to come to completion over the next decade.
While most projects, such as Indiana University Health’s new hospital, Old City Hall and Pan Am Plaza, are efforts that will take years to come to fruition, other developments will begin to see substantive movement in the new year.
Here’s a month-by-month review of some of the biggest stories in 2023.
Universities, hospitals, museums, theaters, dance companies and other not-for-profits in Indiana pulled in a total of $348.7 million from 79 gifts of $1 million or more from individuals, family foundations and bequests, according to IBJ’s latest survey.
Former Indianapolis Colts Quarterback Peyton Manning on Thursday announced the Care for Tomorrow campaign has received nearly $24 million in donor funding since its launch a year ago.
In a 35-minute speech at the Economic Club of Indiana, CEO Dennis Murphy made the case that IU Health treats some of the sickest patients in the state and needs the best hospital possible to continue doing that.
Hendricks Commercial Properties has spent more than $550 million to acquire and redevelop properties across Indianapolis and Carmel since 2013. But the Wisconsin-based firm says it’s just getting started with work it hopes to do here.