6 days ago
- Business
- Indianapolis Star
A new hotel on Monument Circle? Developers want to turn Art Deco tower into a Marriott
Another hotel conversion project is brewing in downtown Indianapolis — this time right on the city's focal Monument Circle.
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:
