INDIANAPOLIS — The renovation of Old City Hall and the addition of a 29-story hotel tower was announced with fanfare by Indianapolis city leaders in August 2023. The site has remained untouched 18 months later and the developers are hoping to borrow money before they break ground.
Developers TWG asked Indianapolis for a $66 million bond due to rising construction costs. The company would have to repay the bond over a decade if is approved by the City-County Council.
The bond proposal moved through the Metropolitan Development Commission on Wednesday and will come before the City-County Council next month.
The budget for the Old City Hall rehabilitation was originally $140 million when it was unveiled. It rose to $264 million by last summer.
"It is a large residential tower, which is pretty costly in and of itself, but then you on top of you that you have a historic structure," said Indianapolis Department of Metropolitan Development director Megan Vukusich. "We are also seeing additional cost increases in the construction market and high interest rates."
Vukusich said TWG could break ground on the project this summer if the $66 million bond is approved. She said it is now estimated to open in the summer 2028.
The development is across the street from Commissary Barber & Barista. Employees of the coffee shop said it could benefit when the hotel and residences finally open.
"There might be a lot more foot traffic and a lot more people stumbling in because they're having food or going to a restaurant," said Tyler Niehaus of Commissary Barber & Barista.
Old City Hall is located at the corner of Ohio and Alabama Streets. The building was constructed in 1910 and has been vacant since the Indianapolis Public Library moved out in 2007.
The hotel, apartment, and condominium tower would rise on an adjacent parking lot on the corner of New York and Alabama Streets.
-
Columbus Regional Health selects new CEO
Columbus Regional Health has named Andrew “Andy” Guz as its next president and chief executive officer on July 1.
NRA convention to return to Indianapolis in 2029 and 2031
The National Rifle Association will bring its U.S. convention back to Indianapolis in 2029 and 2031, its officials announced Monday, hoping to attract more than 70,000 people for each of the events.
IHSAA Board of Directors votes against shot clock for high school basketball
The IHSAA board of directors voted against the implementation of a 35-second shot clock in Indiana high school basketball.
INDOT: North Split Reconstruction Project reduced crashes by 29% in some areas
The Indiana Department of Transportation says early data shows the North Split Reconstruction Project has reduced crashes by 29 percent in hot-spot areas.
