The astronomical event—the only that will pass through Indianapolis for 129 years—has led to a virtual sellout of the downtown Indianapolis hotel supply for Sunday night, with most other rooms throughout Marion, Hamilton and Johnson counties fully booked.
The cost reduction is part of a redesign requested by the board ahead of an expected vote later this year on whether to begin construction.
The structures and public spaces being erased from the site include the former Pavilion at Pan Am event center at 201 S. Capitol Ave. and the Pan American Plaza, making way for vertical construction later this spring.
Officials with the town of Speedway, which is not named in the lawsuit, said they are “carefully monitoring” the situation and in communication with the developers on the matter.
The NBA has contracted with 29 of downtown’s 35 lodging properties, with each committing at least 90% of their inventory at negotiated rates and minimum four-night stays, according to Visit Indy.
More than a year after the original projected completion, the $54 million hotel renovation project shows little evidence of progress. But work behind the scenes continues, the developer told IBJ.
Some call it “ bleisure travel,” “laptop lugging,” “workations” or simply “blended travel.” Whatever it’s called, it could upend the traditional divide between leisure and business travel.
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 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.
Most Indianapolis hotels won’t open bookings for another two weeks, 50 weeks before the first of Taylor Swift’s three shows at Lucas Oil Stadium. But downtown rooms are expected to sell out quickly, followed closely by hotels across the Indianapolis area.
Early plans for the $150 million project, known for now as the “Alabama Redevelopment,” call for a 387-foot glass tower containing 190 apartments, 24 condominiums, 150 hotel rooms and 8,000 square feet of retail and hospitality space.
Indiana’s tourism industry, plus public safety officials and others, already are laser-focused on April 8, 2024. On that day a sizable swath of the state, including Indianapolis, will be in the path of totality for a solar eclipse whose path will arc across the U.S. from Texas to Maine.
The project at Potato Creek State Park calls for 120 guest rooms, a 9,000-square-foot indoor aquatic facility and a conference center.
Nationally, many hotels say they have been trying to increase head count—they just haven’t had much luck. A May survey by the American Hotel & Lodging Association showed 82% of hotels were experiencing staffing shortages, most notably in housekeeping.
Airport officials are expected to meet with Marriott representatives Friday afternoon to iron out remaining details for the project.
Airport officials have flirted with the idea of locating a hotel next to the terminal since planning for the current midfield complex began in the early 2000s.
The $140 million project, which city officials are calling the “Alabama Redevelopment,” will include 190 residential units, 150 hotel rooms and 8,000 square feet of retail and hospitality space.
The plan allows for a 468-foot-tall hotel tower—which would make it the tallest hotel in the state, and the fourth-tallest building overall.
The ceremony follows months of construction work beneath the plaza to stabilize certain structures, like Pan Am Tower, and prepare the site for a three-year buildout.
The vote was a crucial step in advancing the development of an 814-room Signia by Hilton hotel on Pan Am Plaza. The measure allows the city to take out up to $625 million in municipal bonds for the project.
