INDIANAPOLIS — An Indianapolis landmark is getting a new look!
A Hoosier-based developer purchased The Pyramids at College Park earlier this month and is planning to revitalize the area.
Speedway-based real estate investment firm, KennMar, acquired the Pyramids at College Park for an undisclosed price.
The deal closed earlier this month, and KennMar says it intends to make much needed upgrades to the exterior and interior. That includes building a brand new fitness center, opening restaurants like Starbucks and Panera, and attracting new businesses to the historic spot.
KennMar president and CEO, Brent Benge, grew up in Speedway and has lived in Indianapolis almost all his life. He says taking on this project is special.
“They’re iconic buildings,” Benge said. “Never did I think 30 years ago, we would be part of redeveloping this but it’s something we’re excited about. Something we’re looking forward to preserving for the city of Indianapolis.”
JLL is involved in the project and tasked with attracting new tenants to the building.
“With such iconic properties, everybody knows who they are,” said Kevin Gillihan, Senior Vice President of JLL Indianapolis. “Everyone drives by them and points them out. To purchase them and be able to do the upgrades that are coming are really going to be able to have a big impact on the market.”
Gillihan says these state of the art amenities will be key in attracting businesses looking to return to in-person work after the pandemic.
“Having that in-person environment is key and couple that with having the upgraded amenities that attract top talent and top tenants is what will make the Pyramids stick out,” Gillihan said.
Developers say they intend to preserve the architecture that Hoosiers find so special and there will not be many drastic changes to the outside, just a needed facelift.
Redevelopment is expected to begin in June. It should be wrapped up by in the next 12 to 16 months.