A new hotel on Monument Circle? Developers want to turn Art Deco tower into a Marriott
Holladay Properties, a South Bend developer, plans to spend $40 million to convert 11 floors of the historic Circle Tower at 55 Monument Circle into a 175-room AC by Marriott hotel, according to plans filed with the city's Metropolitan Development Commission.
Developers are planning a rooftop terrace on the 11th floor, offering views of the city's skyline and Monument Circle. The first three floors of the tower, which has ground floor tenants such as Command Coffee and the Rocket Fizz candy store, would be left alone.
Built in 1930, the Circle Tower is one of the few Art Deco buildings remaining in Indianapolis. Egyptian motifs adorn the building as a nod to the country's obsession with Egyptian history and culture in the 1920s. Holladay said in records that the company would preserve the architectural history of the building.
Holladay is seeking a 10-year tax abatement from the city for the project. As part of the economic incentive package, Holladay would donate $50,000 to the Monument Circle Public Space Activation Initiative annually.
With high interest rates, expensive materials and low office vacancy rates, conversion projects are picking up momentum to bring new life to dense city centers. Down the street, Holladay is converting the office tower at 130 E. Washington St. into 180 apartment units.
A Holladay Properties vice president did not immediately respond to a request for comment Friday afternoon.
Downtown Indianapolis is experiencing a boom in hotel construction that will likely not slow down as the city's tourism industry continues to hit new records.
Nearby, The InterContinental opened in the historic Illinois Building, located steps off the circle with 11th-floor terrace views, earlier this year. An Aloft Hotel recently opened at 136 E. Market St.
The Circle Tower project would be one of a handful of downtown hotel projects expected to come online in the next few years. Others include:
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
New York Post
a day ago
- New York Post
10 Grand Central Terminal gets revamp
When an office tower's landlord has to move its own headquarters to make room for another tenant there, it likely means the building's hot. It's happening at Marx Realty's 10 Grand Central, the 450,000 square-foot Art Deco property previously known as 708 Third Ave. Marx CEO Craig Deitelzweig had the idea in 2018 to ditch the then-unfashionable avenue moniker as part of a $45 million repositioning that included moving the entrance to East 44th St. It's been a leasing juggernaut ever since. Some 27,000 square feet of new deals brought its offices to more than 95% spoken for. A rendering of The Bar Car at The Meeting Galleries at 10 Grand Central Station. Marx Realty Marx will expand from its current 9,000 square feet on the seventh floor to 11,000 square feet on the 11th floor. The move will make more room for 1-800-Flowers, which will move into Marx's old space from a smaller sublease on the 18th floor. 'I never saw before in my 24-year career so many tenants expanding or wanting to,' Deitelzweig told us. Alternative asset management platform Hayfin Capital Management will relocate from the GM Building to a similar-sized, 7,000 square-foot space on 10 Grand Central's 16th floor — which became available when Teladoc expanded to the 17th floor. A rendering of the The Meeting Galleries' The Grand Gallery at 10 GCT. Marx Realty He said companies hesitated to grow during and soon after the pandemic 'thinking hybrid work would last forever. Now, people are in their offices four or five days a week.' He said Marx has raised rents at 10 GCT four times in the past 12 months 'from $82 per square foot to $130,' and soon to $230 on two formerly mechanical floors at the top being converted to offices with 'all-glass' surroundings. A new draw is The Meeting Galleries, an 11,000 square-foot amenities complex of four different spaces to accommodate corporate meetings and events, including a 'Town Hall' lounge. Seats, murals and artworks were chosen to suggest a luxury train of the 1930s.
Axios
3 days ago
- Axios
Beasley getting evicted from luxury Detroit high-rise
Former Piston Malik Beasley is being evicted from a $7,000-per-month apartment in The Stott, a 38-story Art Deco skyscraper overlooking downtown's Capitol Park, court records show. The big picture: His eviction case is just one of several financial problems that have come to light since ESPN reported in late June that Beasley is the subject of a federal gambling probe. He has not been charged with wrongdoing. The investigation has shelved negotiations between the Pistons and Beasley on a new multimillion-dollar contract. He played for Detroit last season on a 1-year, $6 million deal, setting the franchise record for most three-pointers in a season (319). Zoom in: Despite earning nearly $60 million as an NBA player, Beasley's financial problems amount to more than $8 million for debts owed to a marketing company, to a lender that specializes in loans to pro athletes and to others, the Detroit News reported. He owes $23,220 to The Stott in unpaid rent and other costs, court records obtained by Axios show. State of play: Beasley's landlord initially sued him for unpaid rent in March. That case was dismissed less than a month later and the landlord again filed suit in Detroit's 36th District court in June, court records show. The court entered a default judgment against Beasley on July 15 and the eviction order was filed Aug. 6. What they're saying:"Obviously he's going through some tough times now," Beasley's attorney in the federal investigation, Steve Haney, tells Axios. Haney stressed that Beasley has not been charged. He said that people in Detroit should remember what a great Piston and teammate Beasley was. "It's unfortunate an allegation can have such dire consequences," said Haney, who is not representing Beasley in civil matters such as the eviction case. Context: Dan Gilbert's Bedrock bought The Stott in 2015 and converted it into a high-rise apartment building. It was built in 1929 for the Stott flour mill company. The latest: Beasley said in a social media post last week that he's getting ready for the upcoming season.
Yahoo
5 days ago
- Yahoo
Egypt sets opening of $1 bn Pyramids museum for Nov 1
Egypt said on Wednesday that its much-anticipated new $1-billion archaeological museum near the Pyramids of Giza will officially open on November 1 after several delays. Authorities hope that the Grand Egyptian Museum (GEM), which boasts the treasures of Tutankhamun among its collection of more than 100,000 ancient Egyptian artefacts, will attract visitors from around the world. Official say that at 50 hectares (124 acres), the museum will be the largest in the world dedicated to a single civilisation. Prime Minister Moustafa Madbouly told a cabinet meeting that President Abdel Fattah al-Sisi had approved the new opening date. He said the opening would "an exceptional event" that would showcase Egypt's cultural heritage and attract visitors from around the world. It had been set for July 3 but was postponed when Israel attacked Iranian nuclear facilities on June 13 sparking a 12-day war that closed airspace across much of the Middle East. The project has faced a series of setbacks, including political unrest and the impact of the Covid-19 pandemic. Authorities anticipate that the museum will draw five million visitors per year in a major boost to the tourism industry, which is a key foreign exchange earner for Egypt. maf/kir
