Keystone Group acquires former Anthem HQ on Monument Circle
An Indianapolis developer known for transforming historic buildings downtown into high-end hotels and apartments recently acquired a vacant building on Monument Circle.
Keystone Group bought the former Anthem headquarters building at 120 Monument Circle for an undisclosed price and plans to upgrade the property's existing uses, the Indianapolis developer said June 10.
In a release, Keystone said the property would remain a major mixed-use development and be a place to live, work and play. The redevelopment would likely include rooftop views of the circle, high-end outdoor activities, parking and retail and restaurant space, a release said.
Elevance Health, formerly Anthem, left the property in 2018 to move to a new headquarters on the far south end of downtown. The previous owner of the building, FSP Monument Circle LLC, a Massachusetts-based company, bought the building for $42 million in 2010.
Without specifying exactly what Keystone would do with the building, Keystone owner Ersal Ozdemir said the company would transform the central property into "a vibrant hub of activity, innovation and community in downtown Indianapolis.
'120 Monument Circle is more than just a building, it's a centerpiece location in the beating heart of our city,' Ozdemir said in a statement. 'The sky is the limit for the redevelopment of 120 Monument Circle, presenting a generational opportunity to remake the face of Monument Circle and will stand as testament to Keystone's ongoing dedication to visionary development of our state capital.'
Developers are breathing new life into Monument Circle after the focal point of the city lost foot traffic during the pandemic and after downtown protests in 2020 hit the block hard.
Just steps away, Keystone unveiled its $110 million redevelopment of the historic Illinois Building in February, opening the city's first Intercontinental hotel, the first luxury hotel to open downtown in a decade. A block north, Keystone is also in the process of converting the final floors of office space at 220 N. Meridian into upscale apartments.
SPARK on the Circle returns to downtown. Could it become a year-round fixture?
Another key Monument Circle property will soon be getting a refresh, as Holladay Properties filed plans last month to convert the Circle Tower on the southeast quadrant of the circle into an AC by Marriott hotel.
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