Urban Indiana

Indianapolis officials prepare for $751.6M in bond sales for Signia hotel, convention center projects

The all-in cost for the redevelopment of Pan Am Plaza is now expected to be $751.6 million, according to documents related to the city's plans to sell $591.8 million in bonds this week for the hotel-and-convention-space project.

The redevelopment project includes the planned 40-story, 800-room Signia by Hilton hotel and a $250 million expansion of the Indiana Convention Center. The latter component will add 143,500 square feet of space, including extensive pre-function space and a 50,000-square-foot ballroom. The project also calls for an enclosed skywalk connecting the addition to the existing convention center space across Capitol Avenue.

Previous estimates from the city pegged the total cost of the redevelopment at anywhere from $710 million to $800 million.

More below:
https://www.ibj.com/articles/pan-am-plaza-project-set-to-move-forward-with-bond-sales#comment-293954

All-in cost of Pan Am Plaza hotel, convention center expansion might surpass $1.6B

The city of Indianapolis could ultimately pay in excess of $1.6 billion for the redevelopment project at downtown's Pan Am Plaza.

The cost for the project, which consists of an expansion to the Indiana Convention Center and an 800-room Signia by Hilton hotel tower, is significantly higher than the $751.6 million figure first reported by IBJ earlier this week after taking into account the total debt service the city is expected to owe on hundreds of millions of dollars in bonds for the project.

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.

More below:
https://www.ibj.com/articles/all-in-cost-of-pan-am-plaza-hotel-convention-center-expansion-may-surpass-1-6b?utm_source=ibj&utm_medium=home-carousel

A view of the construction site today from the Pan Am Tower. As you can see, the ice skating rink has been completely demolished and cleared.

Hilton Signia Construction Site - 2024.04.10 by MCC_Indianapolis, on Flickr

That's a VERY large site.  Glad to see it moving along!