INDIANAPOLIS, Ind. - Plans continue to be revealed for what is set to be a major overhaul of one of downtown Indianapolis’ most iconic spots.
On Monday, it was announced Carmel-based Lauth Group bought the existing Pan Am Tower with plans to renovate the building; specifically how though hasn’t been addressed.
Back in October, it was announced the city and the CIB would be overhauling the rest of the plaza with plans for two Hilton hotels, a ballroom and expanded convention space.
“So this has been sitting, it’s not been without debate and a lot of thought and strategy behind what should it be, what should it look like?” said Chris Gahl of Visit Indy. “With the redevelopment holistically of that parcel, it’s prime real estate.”
“Today’s announcement about the renovation and revitalization of the Pan Am Tower speaks to the success of our downtown as a destination and hub for visitors and residents alike,” Indianapolis Mayor Joe Hogsett (D) said in a statement.
Gahl said the full expansion allows the city to go after more than two hundred conventions that have passed on Indianapolis during the past decade, citing a lack of space.
All told, the project will need about $120 million worth of tax money to make this happen. City leaders have already said they don’t plan on increasing taxes or fees as part of this project. There’s also the chance the state legislature would need to weigh in, and potentially kick in money too.
A concrete timeline for the project hasn’t been established just yet; but, it is an effort officials said could bring an extra $65 million dollars annually to the city.
“All in all, a key parcel that will connect into the convention center when it’s all said and done,” said Gahl.